Mr. Oliver Gilvarry:

In reality, how it works is that if there is uncertainty regarding the level of awards, the insurance companies have to hold back more reserves. They would argue, because they have to hold back more reserves, it is an increased cost of doing business. As we see the reduction in the award levels, that argument falls away. Coming back to the database perspective, that is why it is so important to see that information flow coming through because then there can be a challenge put to the industry as to why prices not falling. More importantly, from a market perspective, if they are able to retain higher prices, it will make the market more attractive, particularly if there is certainty regarding the level of awards. If, whether it is through the PIAB or through the courts, an award has been made to someone and the insurance company knows roughly where it will be, it gives certainty and stability to the market and will make the market more attractive for new entrants which, in turn, will increase competition and reduce insurance premiums.