Mr. Peter Boland:

Absolutely. That is why we are here. It is critical in getting Ireland to the same situation as other European nations and economies, where insurance is not an existential issue. I have cited several examples recently where representative bodies that are members of the alliance have met their European counterparts, and have been met with disbelief - and, in some cases, laughter - at the thought that insurance is the issue that it is in Ireland. Our role is to look at the cost of insurance in the near future. I will be honest and say that three or four years ago I would not have fancied the job of selling Ireland as a destination for liability insurers. It was a very difficult market. Many of the difficulties have now been resolved or are in the process of being resolved. That is reflected in the price of motor insurance, which is dropping at a steady rate. It is not dropping dramatically, but steadily. The price of liability insurance, which is subject to the same conditions, is not dropping. As far as we can see, the critical difference between the two is a lack of competition on the liability insurance side. The Government has accepted that, and has established the office to promote competition in the insurance market within the Department of Finance. The office was established in December 2020, but it has not resulted in any positive news yet. However, we expect that with all of the good stuff that is happening at the moment, this being a key part of it, it will have to be reflected in the price of liability insurance. As matters stand, we are due reductions, because reductions are happening in motor insurance. They are not being passed on by the incumbents, so we need additional competition.