Mr. Michael Horan:

-----in the CSO index when people talk about 70% they are taking it from the bottom of the market to the top. If the three year period is looked at where we are talking about a 44% increase in gross incurred claims costs, the CSO index did not increase by as much as 70% over that three year period. There is a reasonably good correlation between the cost of claims and the cost of premiums. That is not surprising because the main determinant of premiums is claims cost because they are by far the biggest amount of expenditure insurance companies have. We have seen a lot of volatility over the last number of years in the cost of claims, largely driven by the underlying personal injury claims environment. There are well known problems such as the increase in the monetary limits in the courts. Those have retrospective effect in the sense that they affected claims that had already been made but had not been settled so those insurers had to increase their reserves for those claims. That was the backdrop to the whole situation. Now we are in a situation where premiums in motor have fallen over the last 12 months or so but at the same time I do not think the underlying reforms that are necessary to the personal injury claims environment have happened yet. That is what the cost of insurance working group report is all about. That is why we are working with the cost of insurance working group, to try to bring those reforms about, in particular to try to address the high cost of personal injury claims and the high cost of whiplash claims in motor, for example.