Public liability and professional indemnity insurance costs have fallen significantly in the last 12 months according to a report released today by the Minister for Revenue and Assistant Treasurer, Peter Dutton.
Public liability insurance premiums fell on average by 13.4 per cent in the 12 months to December2005 and professional indemnity insurance premiums fell on average by 6 per cent over the same period.
This follows on from the falls of 6.9 per cent for public liability and 1.2 per cent for professional indemnity insurance in 2004.
The average cost of public liability claims has fallen by 16.3 per cent and the average cost of professional indemnity insurance claims has fallen by 23.9 per cent in 2005.
“The falls in the affordability and costs of public liability and professional indemnity insurance are great news for individuals, community groups and businesses,” Mr Dutton said.
“The report highlights the real benefits of the changes made to the laws of negligence around the country. While it will still take some time to see the full effect of these changes, these early signs are very encouraging,” Mr Dutton said.
The findings were made in the latest report of the National Claims and Policies Database (NCPD). The NCPD, which was announced in this year’s Budget, is designed to improve the information available about public liability and professional indemnity insurance to insurers and the general community.
The NCPD report is available at www.ncpd.apra.gov.au