Table 6 Sectoral short-termism estimates for the US and UK Full Sample 1985–2004 Industry  1985–1994  1995–2004  x  Significant? x  Significant? x  Significant? Consumer  0.939  Yes  1.007  No  0.94  Yes  Energy and Utilities  0.939  Yes  1.05  No  0.934  Yes  Financials  0.965  Yes  1.087  No  0.963  Yes  Health  0.940  Yes  0.857  No  0.940  Yes  IT  0.902  Yes  0.957  No  0.892  Yes  Industrials  0.926  Yes  1.018  No  0.925  Yes  Materials  0.875  Yes  0.871  Yes  0.874  Yes  Notes: The significance columns refer to a test of x<1 at the 5% confidence level. 5. Short-termism and public policy  These tests of short-termism point to two key conclusions. First, there is statistically significant evidence of short-termism in the pricing of companies’ equities. This is true across all industrial sectors. Moreover, there is evidence of short-termism having increased over the recent past. Myopia is mounting. Second, estimates of short-termism are economically as well as statistically significant. Empirical evidence points to excess discounting of between 5% and 10% per year.
This amount will also be 1.4 million rubles. We would like to continue the discussion of this topic with deputies. In our opinion, we are fully prepared to generally extend the insurance system to them in the medium term. I will now speak on another type of insurance — OSAGO. Last year, a key reform in OSAGO (compulsory third-party liability motor insurance) was accomplished. It involved the customisation of insurance premiums. This reform was complex and implemented in several stages. We discussed every stage of it with you, at parliament proceedings, and in the course of various panel discussions. Finally, last year, we switched to this scheme of significant 4/6  BIS central bankers' speeches  customisation of insurance premiums. In our opinion, this solution is really the fairest one for people — a good driver should not pay for those whose driving involves risks and causes accidents. This approach is in line with the concept of balanced development in this segment. We can see that the number of complaints regarding OSAGO decreased already by a quarter last year. Moreover, a similar reduction was recorded in complaints about the calculation of the bonus-malus coefficient. This was an acute issue, and we also discussed it here, in the Parliament. Furthermore, although prices for components and imported spare parts were up, insurance rates remained the same, and OSAGO was affordable.