Mr. Michael Bennett:

If I may add to that, I would say that mortgage insurance is best suited to specialist insurers who have the knowledge and expertise to assess the risk. The exposure stays open for many years and stacks up exposures. Contrary to car insurance where one knows that one's exposure is over at the end of the policy year, the mortgage exposure stacks up over a number of years so it requires a specialised skills set.

Diversified insurers that operate internationally on a multi-line, can manage diversification within their insurance risk portfolio better than domestically focused insurers who are operating in a smaller number of lines.