The Australian Prudential Regulation Authority (APRA) today released the fourth set of annual reports on policies and claims for public and products liability (PL) and professional indemnity (PI) insurance from the National Claims and Policies Database (NCPD). These reports include information on policies and claims as at 31 December 2007.
This latest report includes analysis of the aggregate claims run-off experience for the five years of available NCPD data from 2003 to 2007. The report also shows some of the basic statistics from the 2007 data, such as aggregate and average premiums and aggregate claims costs. For example:
- the average written premium for PL insurance risks stabilised in most States in 2007 after three years of decreases, with the national average premium rising just 0.4 per cent in 2007 to $781;
- the national average written premium for PI insurance risks in 2007 was $3,664, which was around eight per cent lower than for 2006;
- during 2007, gross written premium for PL and PI insurance policies totalled $2.8 billion; and
- total PL and PI insurance claim payments made during 2007 totalled $1.1 billion and related to more than 74,000 claims.
The NCPD was established by APRA in 2003 at the request of the Federal Government, in consultation with the insurance industry and other stakeholders, in order to provide insurers, the community and governments, State and Federal, with a better understanding of PL and PI insurance, and the ability to monitor trends in premiums and claim costs.
The National Claims and Policies Database reports.