Mr. Brian Hanley:

I am happy to take that. The Senator asked why businesses with good risk records are not being rewarded. The answer is there is no good reason. There is nothing satisfactory or unacceptable about them not being rewarded. A report from the Injuries Resolution Board earlier this year stated that in the last five years, or between 2019 and 2023, there has been a 40% reduction in the volume of claims. If nothing else had happened, that alone shows a precipitous fall in risk, claims and incidents that should have led to reductions, but we did not see that. There has also been a reduction in the size of awards, which is coming on top of that, thanks to the guidelines, of about 30%. That has stayed constant as well. We also have to look at where it might be going if it is not going to policyholders. Insurers are making record profits. They are making double-digit 13% or 14% margins in liabilities for 2021, 2022 and 2023. Any notion they have only just become profitable is not correct. The Central Bank data bears that out.