I'd like to say a couple of things.
First of all, in response to the earlier discussion, fortunately we have a system that is partly self-regulating. I think a lot of businesses will take heart that if they are experiencing a bit of tightness on one side, they will know that commercial property and commercial liability insurance premiums have been declining consistently for the past three to three and a half years across Canada on average. That gives businesses more disposable income at a time when they perhaps need it. I'm very delighted to be able to share that with you.
The second thing is that it's not possible for me to tell you exactly what the impact of another major disaster would be in some part of the world, other than to say that there would be an impact. Again, we have a very international insurance system that allows us to redistribute risk in a way that protects people against the butt of a real disaster. For example, take the ice storm of January 1998, which cost the property and casualty insurance industry $2 billion in 2006 dollars. A large portion of those losses were assumed by international reinsurance. Those weren't coming from Canadian policyholders. The international reinsurance system assumed much of that cost, just as it did with the cost of Katrina. Ultimately that has to factor into the cost of the reinsurance that insurance companies purchase, but there are a lot of other factors that affect it. It's not a one-to-one relationship. That's why we always have to be working together.
It's a highly varied system that constantly redistributes risk in order to protect Canadians and other insurance policy holders.