Kobe, and the others mentioned above, were major risks which certainly grabbed the headlines when they occurred. However, they are very much the tip of the risk iceberg. Thinking back to the idea of the Heinrich Triangle, we can see that there will be very many less serious events for each major incident. The main bulk of risk lies beneath the surface, to continue the iceberg analogy. It is this main thrust of risk with which most people in the insurance business will spend their time, not the events we have listed above. What kind of risks are we talking about and what do they cost?