Mr. Gerry Hassett:

If I could just explain for one minute, insurance profitability is an inexact science and that is because in a single year a premium is collected and then in the next five or six years claims are paid out. The Central Bank report is helpful in providing a clear lens on something complex. It is, however, a clear lens in hindsight. In the year in which a premium is collected, an insurance company will not be sure what the claims liability is going to be. That estimate will sometimes be undershot and other times it will be overshot. In fact, the one thing we know is that we will never get it precisely accurate. What we see in an insurance cycle is that in some years we undershoot and in others we overshoot, and that is why premiums fluctuate year on year.