The Australian Prudential Regulation Authority (APRA) today released the fifth 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 2008.
This latest report includes analysis of the six years of available NCPD data from 2003 to 2008. The report also shows some of the basic statistics from the 2008 data, such as aggregate number of risks, average premiums and aggregate claims costs. For example:
- The number of PL risks written nationally has remained virtually constant over the last three underwriting years at nearly 2.1 million risks written each year. The number of PI risks written increased by 7.4 per cent in 2008 to almost 330,000.
- The national average written premium for PL insurance risks decreased by 1.1 per cent in 2008 to $750.Over the last five underwriting years, the national average premium for PL risks has decreased by 27 per cent.
- In 2008, the average written premium for PI insurance risks decreased for all states and territories except the ACT, with the national average decreasing 10.1 per cent to $3,360.Over the last five underwriting years, the national average premium for PI risks has decreased by 31 per cent.
- During 2008, gross written premium for PL and PI insurance risks totalled $2.7 billion.
- Total PL and PI insurance claim payments made during 2008 totalled $1.2 billion and related to more than 82,000 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 to provide insurers, the community and State and Federal Governments with a better understanding of PL and PI insurance and the ability to monitor trends in premiums and claim costs.
Refer to the National Claims and Policies Database reports.