Especially if claims rate continues to be abnormally low which I...

Especially if claims rate continues to be abnormally low which I think is likely.
Despite HLI saying they think claims will head back to normal levels (they have to put on a conservative front), in the short term I cannot see property prices declining sufficiently enough to materially hurt HLI.
We see from NAB’s recent result that mortgage delinquencies and defaults are going up as expected, however, the strength in property prices insulates HLI from the flow on effects of this.
I could be mistaken and we could well get a nasty “black swan” event that knocks some wind out of my sails, but the risk/return of this stock is far too attractive for my money to ignore