IBA Government Meeting re. Motor Market Issues

1st Sep 2016

Meeting with IBA and Eoghan Murphay, Minister of State at the Department of Finance

Brian McNelis, Director of General Services, IBA met this week with Minister of State, Mr. Eoghan Murhpy to raise broker concerns on current issues relating to the consumer and commercial motor market. The main issues raised and discussed included:

Capacity in Market Place

Setanta/Enterprise
Zenith 5% market share
Other Downsizing
Local insurers curtailing intake because of Solvency 2 issues

Proposed Solutions

Address Setanta/MIBI/Compensation Fund Issues
Resolve soft tissue injury payment
- Three times higher than UK – multiple of EU
- €15,000 V €5,0000
- 70% of all insurance claims are soft tissue
- Treatment rather than indemnity as in the UK’s case
Stabilise Book of Quantum
Better information to be provided by industry – cliams database: IIDS (The Hub)
- Industry in total must be involved not just Insurance Ireland. Concern that the local Insurers are excluding new entrants.
- Critical in the fight V fraud and more open information on claims
- Improve processes and reduce costs, therefore reducing premiums
Set up an industry (all parties) and debt of Finance Committee to review

Brian McNelis, ACII, Director of General Services, IBA

30 August 2016