27 November 2009
Industry in focus - Tort Law Reforms 5 years on
The Insurance Council of Australia today released “Industry in Focus” which shows the cost of public liability premiums has dropped 27 per cent in five years to 2008 while the number of policies written has increased by more than 20 per cent.
The latest Insurance Council of Australia “Industry in Focus” (attached) is a regular review of the Australian general insurance market.
In the report the council attributes reduced insurance costs to a range of tort law reforms introduced through co-operative arrangements between state and federal governments.
Importantly, the five years of data clearly shows that public liability insurance is now more readily available and is also more affordable in the Australian market.
It is clear proof that the objectives of the reforms have been met and should be maintained for the benefit of all in the Australian community.
The Industry in Focus data has been sourced from the National Claims and Policy Database (NCPD) and collected by the Australian Prudential Regulation Authority (APRA) over five years.
Overall the decrease in premium costs mirror an increase in the number of policies written.