Helia investor presentations note that unemployment is the key...

Helia investor presentations note that unemployment is the key driver of claims frequency and house prices are the key driver of claims severity. Both measures seem benign at the moment and even if unemployment and claims frequency rises, it seems likely the severity (claims amount) would be low or non-existent - see ‘sold no claim’ category from last update.
I think there is also some greater ‘recognition’ of reduced liability of loans after 3 years of the loan being initiated (not sure if I’ve described that 100% correct) but I think that effect may also support more capital being available.