Mr. Michael Horan:

The only thing I would say in response is that the insurance industry is not one monolithic organisation. It is individual insurance companies competing against each other for business. I am not privy to how each company makes its underwriting decisions. Some companies are probably more technologically advanced than others. From the Irish Insurance Federation's point of view, I am interested in the overall penetration rate. We believe the rate in Ireland for flood insurance is far higher than in most other European countries. In some countries the penetration rate for flooding is as low as 20%.