Mr. Anthony Brennan:

I will answer on behalf of Zurich first. I do not see this as foot-dragging. We have taken a long time to get to this point. I have been in this industry for approximately five years and we have been talking about reform for that time. We have been involved in many reports along the way. I am delighted to see this day has come. There are practical reasons the implementation of changes takes some time. These will feed through automatically to our premium rates.

Many factors feed into insurance rates. When we look forward, we need to estimate several factors, including, for example, the acceptance rate of PIAB and the chances of whether these cases will be accepted in court.

I am comfortable that we are offering a fair price. We will adjust that price in the coming weeks to allow for some changed assumptions on what the future injury costs will be. We need to implement this across multiple platforms. I am sure the Senator has been involved in areas of government where people wanted to implement something quickly but it needs to be fed safely through the various systems and processes to ensure that those results can be got out to customers. Right now, we are engaged in implementing it. We analysed the results in April. We made a decision on the level of change we would put through and we are implementing that as we speak.