Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I welcome our guests. I thank them for coming before us and for engaging on what is a really important issue for homeowners, motorists and so many business owners. I will start with the key issue all of our guests have highlighted, namely, the cost of claims and award levels.

Mr. McGrath and Mr. Bradley spoke about the possibility of premium reductions in the event of the cost of claims falling. Mr. McGrath might tell us more about his pricing model. Essentially, he is in the business of pricing risk. If we see, say, a 10% or 20% reduction in award levels over the next number of years, how will that feed through into premium reductions for his policyholders? What is that relationship?