It appears that less Australian businesses are taking out professional indemnity and public liability insurance policies at a time when more businesses are making claims.
APRA has released the National Claims and Policies Database (NCPD) figures for Professional Indemnity and Public and Product Liability Insurance for the period 1 January 2003 to 31 December 2013
APRA-regulated general insurers wrote $3,036 million of gross premium for the professional indemnity (PI) and public and product liability (PL) classes of business, down 3.8 per cent from the 2012 underwriting year ($3,157 million)
For public and product liability, APRA-regulated general insurers wrote $1,718 million of gross premium during the 2013 underwriting year, down 4.0 per cent from the previous year ($1,791 million). This premium related to about 2,454,000 PI risks written in the 2013 underwriting year, down 0.6 per cent from the previous year (about 2,469,000).
For professional indemnity, APRA-regulated general insurers wrote $1,318 million of gross premium during the 2013 underwriting year, down 3.5 per cent from the previous year ($1,366 million). This premium related to about 601,000 PI risks written in the 2013 underwriting year, up 12.0 per cent from the previous year (about 537,000).
Some of the other key results include
A reduction in the annual premium for public and product liability with an average written premium $700 down from $725 in 2012
601,302 public and product liability claims in 2013 up 12% on 2012
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