Dr. Cyril Roux:

In terms of the claims environment, we have not yet seen factors that will bring down claims. This is my main concern. That is why this committee and the working group chaired by Minister of State, Deputy Eoghan Murphy, are so important. They need to come forward with policy actions that will bring down claims. Prices do not slavishly follow claims. For years they can be below the claims and for years they can be above them. A factor that has driven prices down below a break-even level was the willingness of some actors - either here or elsewhere - to get into predatory pricing. If one or two actors engage in predatory pricing, that forces prices down. It is not a sound way of getting premiums down, but it is a way and it has operated in the past.