Mr. Gary Dunne:

Yes, but it happened in stages. It takes up to ten years to pay a claim. There is a great amount of uncertainty so some it can be banked but some of it cannot. As costs came down, people were chasing market share. At some stage the opposite happened and either due to road safety, the sheer volume of traffic on the roads, an increase in the number of claims, an increase in the amount of awards or an increase in legal costs, there was an increase in the overall costs. Again, it takes time for that filter through the system because the amount paid in the first year is very low as a percentage of the amount that will ultimately be paid because it takes a long time to pay the claims. There is a lag where the cost of insurance starts to come back up again and insurers decide it is not a profitable business, that it is a loss-making business and they have to increase rates. That is one of the reasons there is a cycle. It is purely because of the way the mechanics work.