Mr. Ciaran McDonnell:

Yes, the fundamental of insurance was that the many covered the unfortunate few. What is happening with segmentation is that the pools of insurance are getting smaller, which is resulting in higher risk and higher premiums. The only way to solve that problem is to make the pools bigger. In other words, for instance, it used to be that there would be entertainment insurance, and theatres, circuses, arts groups and festivals would all be insured under the one pool. Now what is happening is they are being divided up into separate pools. The pools are smaller and, as a consequence, insurance premiums are higher, and the number of underwriters offering cover in terms of generating competition that pool is also smaller. That effectively leads to a lack of availability and a lack of affordability through lack of competition.