Mr. Ronan Mulligan:

This work has been done in the UK since 2010. I presume it took quite a period before it could be properly designed and implemented, the data analysed and published and the competition concerns addressed. It was quite a while in incubation but it has been published since 2010 and has developed over there. We were seeking to start the conversation here. It is helpful in the UK in terms of assisting actuaries in doing their work. It helps to address issues around uncertainty and knowing what is happening in a broader market context outside of one's own company. As part of our role in supporting our members, we thought this was a good idea. It is also probably more pertinent now given the issues that have emerged in the motor insurance market over the last couple of years.