You have buildings standing in water for what could be up to 80 days, which is the time period they're thinking of before they can get the flood water out. What you're now talking about is constructive write-off for virtually all the buildings.

There's a strong possibility that rates will harden in other areas as people move capital to the opportunities they see.

A profit like this in a year like last year is a superb result.

I wouldn't want anybody to think we are going to run our UK business at an 80 percent combined ratio. I would be delighted if it was 95 percent.

That would leave us some money to grow the group into what we see as a very attractive market in many segments for the next few years.

We are on the right path, but we are not yet consistently at the levels either expected by customers or required by the regulator. The MRG will continue to play a crucial role in supporting and driving the market to achieve this. I am under no illusion that the task ahead of us remains enormous but I take over the chair of the MRG with a passionate belief in the need for reform.