Mr. Liam Sloyan:

It is important to note in that context that people making the argument that the levy and the tax credits are inflationary tend to look only at the levy. Insurers receive money from tax credits as well and if we look only at the impact the levy is having on premiums and ignore the impact of the credits paid in respect of insurers policyholders, one is looking at only half the story. The credits in some cases more than cancel out the impact of the levy. In other cases where there is a predominantly younger population they less than cancel out the impact of the levy. The impact of both must be examined and when that is done one will see that the statements on the impact of the levy on the price of premiums, even for products with predominantly younger populations, are hugely overstated.