Premiums Reduce

Public Liability Premiums Reduce

Public Liability Premiums Reduce in June and July

Public liability premiums reduced in June and July in Australia. According to Insure 247 “With the entry of new insurers and the hardening market, consumers look set to enjoy good premuims”. Consumers are also benifiting of easier ways to compare the public liability insurers. Public Liability Comparison compared 4500 policies in June and July.

Public Liability Comparison compared 4500 policies in June and July.

Occupations enjoying better pricing

We have also seen a reduction in the insurance premiums for Carpenters, Plumbers and Painter, with some of the lowest premiums since 2008.

Public liability insurance clients in NSW have enjoyed the largest reductions in public liability for some occupations, so if you need a quote for new business or to compare your existing policy click compare and save by click here

NSW have enjoyed the largest reductions

Comparing more Occupations

Some of the public liability insurance policies we compared this month have included Bar and Restaurant, Cross Fit Training, Geo Engineer, Fencing Contractor, Removal Contractors  Self Storage Facility, Welder/Boilermakers and Waterproofing.

PUBLIC AND PRODUCTS LIABILITY INSURANCE COMPARED

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Public Lability Premiums Reduce

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on the inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs

Premiums Down

Public Liability Premiums Down

premiums-down

Public Liability Premiums Down

APRA has released the National Claims and Policies Database (NCPD) figures (including premiums) for Professional Indemnity and Public and Product Liability Insurance for the period 1 January 2003 to 31 December 2013

Premiums Written

APRA-regulated general insurers wrote $1,718 million of gross premium for public and product liability 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 public liability risks written in the 2013 underwriting year, down 0.6 per cent from the previous year (about 2,469,000).

A reduction in the annual premium for public and product liability with an average written premium $700 down from $725 in 2012

Product liability claims

601,302 public and product liability claims in 2013 up 12% on 2012

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Source Insure 247

About the NCPD

In January 2005 the Australian Prudential Regulation Authority (APRA) launched a National Claims and Policies Database (NCPD) for public and products liability and professional indemnity insurance.

The Database will provide insurers, the community and the government with a better understanding of public and products liability and professional indemnity insurance. It will help make public and product liability and professional indemnity insurance products more affordable and available by:

  • providing insurers with detailed information to help them assess risks and determine appropriate premiums for these insurance products; and
  • helping insurers develop or enhance the products available to policyholders in the future.

It will also enable the government, the community and insurers to identify trends and implement changes to reduce the number of claims or lower the cost of claims for public and product liability and professional indemnity.

The Database was created by APRA at the request of the Federal Government.

A number of organisations contribute to the NCPD to ensure that it provides comprehensive information about public and product liability and professional indemnity insurance.

All APRA-regulated insurers that provide these types of insurance policies are required to contribute claims and policies data to the NCPD. Other organisations, such as state and territory insurers, will also submit data to the NCPD. The first data collection occurred in early 2005 and included claims and policies data for the period from 1 January 2003 to 31 December 2004.

Public Liability Insurance Quotes

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and com