Mr. Michael Horan:

The NCID report is done on an accident year basis. This is explained on page 6. It is the year in which the accident occurred. It may take several years for all claims to be fully paid, etc. That is the basis of the NCID report. On page 7, it references the financial year, which is the year for which financial accounts are stated. When stating the claims incurred in a financial year insurers include claims which were paid in the year, reserves they set aside for claims that happened that year and changes to the reserves set aside for claims that happened in previous years. The fact file is done on a financial year basis. In the National Claims information Database report many of the chapters are on an accident year basis such that the figures will not stack up exactly. For example, the financial year stated accounts for, say, 2016 are a snapshot as at year end 2016 and the NCID report is a snapshot as at year end 2018, looking back at all of the accident years, such that it can see that in many of the earlier years in particular the claims were fully settled. There is an element-----