No, they aren't typical years. Certainly not only was the economy going through difficult times, but obviously borrowers themselves were having some difficulty, so our claims did increase. Our arrears rates did increase. But I think it needs to be put into perspective.
First of all, mortgage insurance is expected to go through ups and downs in economic cycles. It's not that we're ever looking for a down cycle, to be clear, but that is built into the premiums we charge. We do expect to pay more out in bad times and less out in good times.
The arrears rate in our portfolio is less than half of 1%. Remembering the recession of the nineties or the eighties, this is still low by those standards. Again, I think it goes back to a lot of what you've seen and heard in the media. We have very strong financial institutions, but we've also kept a very close eye on our prudent underwriting standards.
While homeowners unfortunately do find themselves in difficulty from time to time, especially in difficult economic times, it hasn't been on the scale of what we've seen in the past.