Mr. John Maher:

We know from the Central Bank's data over a number of years that the cost of settling a claim through PIAB is significantly less expensive than through litigation. We also know that the cost of claims has a 40% to 50% impact on premiums. Therefore, we can see already in the data that are coming out of PIAB that the personal injuries guidelines have reduced the awards by about 40% and there should be a consequent reduction in premiums. That is the expectation. If we take, for example, the cost of taking a claim through litigation, in terms of the award, there is very little difference between the PIAB award and what you get if you settle outside of PIAB. The difference is the cost of litigation. The purpose of the Bill is to ensure more of those cases are settled through PIAB, which should then mean the cost of claims is lower, the cost of litigation is lower and, therefore, that should help premiums. That is where we are coming from.