Mr. Gerry Hassett:

If we look at the claims to loss ratio graphic in the report, it is clear the long-term average is 75%, which is well in line with insurance norms. I refer to remarks made by the deputy governor of the Central Bank in a statement on the day the report was released. She indicated there was a prolonged period of losses, which peaked in 2014. Those have since been coming down and firms are now more profitable in line with peaks and troughs in the cycle.