Each year as an OSFI-regulated mortgage insurer we need to calculate the amount of potential claims that exist, or potential mortgage defaults that exist, within our portfolio—both what's in our existing portfolio, and also, sir, the new flow of volumes coming in. Each year we do an actuarial analysis to ensure that we have more than sufficient reserves to pay potential claims in a variety of economically stressed environment. That is the analysis that all three mortgage default insurers do on an annual basis. It's very much a science-driven exercise versus there being any degree of art form per se.
On April 4th, 2022. See this statement in context.