Mr. Simon Crone:

The insurers operate under a prudential regulatory regime these days, which is demanding. For example, in the UK we are required to hold capital well in excess of a one in 200-year event. With the onset of Solvency 2, which will be the EU-wide insurance regulation, coming into force, it will also further standardise a lot of the prudential regulation and financial strength of the insurers, than in the past. Yes, there have been insurers who have gone into insolvency in the past but we hope they would become fewer, particularly with the strong regulation under which we have to operate.