Mr. Aidan Connaughton:

I apologise for the connection. As mentioned, I am having some difficulty and I apologise sincerely to the committee.

In response to Deputy Durkan’s question, it is a positive step that the Government will form a new office to set up and look at the increased competition in the insurance market in Ireland. More competition will increase the capacity and availability of joined solutions in the market, which will ultimately benefit the consumer.

As Mr. Bradley said, there will be some changes going forward. Reinsurance is an important part of what insurers do. Buying reinsurance gives us protection against the volatility of some of the events Deputy Durkan has alluded to, such as natural disasters and cyber insurance. We will have a vibrant and competitive insurance industry. I welcome the reform actions which include the setting up of the competition.