Mr. Philip Bradley:

I certainly accept that the extreme weather events we are seeing are inevitably affecting premiums. That is inevitable for society and for us as a business.

When we look at the capital we have to keep to support our business, that reflects future weather patterns and a one-in-200-year event. The more weather changes, the more we see these events, the more capital we must hold and the more claims we must pay. Premiums go up to cover that.