The Assistant Treasurer today released the Australian Competition and Consumer Commission's (ACCC) fifth monitoring report on medical indemnity insurance premiums.
The ACCC has been conducting informal price monitoring on medical indemnity premiums to determine if they were actuarially and commercially justified as part of the medical indemnity package. The fifth such report covers the 2006-07 financial year.
'It is pleasing to see that the situation remains stable in the medical indemnity market,' Mr Bowen said.
'The ACCC report indicates that most medical indemnity insurance premiums are decreasing and the financial viability of all medical indemnity insurers is strong.
'The report also indicates that doctors and their patients can continue to look forward to affordable premiums and a stable and secure medical indemnity insurance industry.'
Key findings of the ACCC's report include:
- Real average medical indemnity premiums fell for the fourth year in a row, by 2 per cent in 2006-07 to $6,383.
- The ACCC found premiums in 2006-07 to be actuarially and commercially justified for all six medical indemnity insurers.
The Department of Health and Ageing will continue to work with the Treasury, ACCC and Australian Prudential Regulatory Authority to monitor the performance of the industry.
Copies of the report are available on the ACCC website.
Media Contact - James Cullen 0409 719 879