Farm Insurance Australia :: News
SHARE

Share this news item!

Professional Indemnity Premium Revenue Declines Amidst Stable Claims

Professional Indemnity Premium Revenue Declines Amidst Stable Claims

Professional Indemnity Premium Revenue Declines Amidst Stable Claims?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

In an evolving insurance landscape, professional indemnity (PI) insurance payments for non-facility business have remained relatively consistent, with the Australian Prudential Regulation Authority (APRA) reporting $1.111 billion in claims for the 2022 underwriting year, closely matching the $1.109 billion in the previous year.

However, the same period saw a notable dip in gross written premium for PI, which dropped by 6% to $2.775 billion from $2.954 billion, according to data from APRA's latest National Claims and Policies Database.

In contrast, public and product liability insurance for non-facility business experienced a modest reduction in claims payments by 1% to $1.102 billion, while the gross premium for this category saw a 6% increase, reaching $2.914 billion.

Further dissecting the data, APRA revealed that the average written premium for PI insurance decreased more significantly, by over 10%. Conversely, average premiums for public and product liability insurance surged nearly 8% during the same period.

The APRA's comprehensive database, encompassing policy and claims data since 2003, highlights trends in PI and public and product liability insurance. The data accounts for every open, reopened, or completed claim and policy underwritten by APRA-regulated general insurers.

Additionally, the number of PI claims for non-facility businesses that received payments declined by 8% to 17,433 in the 2022 underwriting year. A slight 1% reduction was noted in public and product liability claims, which dropped to 26,483.

Interestingly, data from Lloyd's Australia presents a different trend for PI claims in non-facility business. Lloyd’s reported a 13% increase in claims payments, amounting to $187 million, while payments for public and product liability claims decreased by 4%, totaling $59 million.

Lloyd’s also recorded gross premium totals of $558 million for PI insurance and $290 million for public and product liability insurance in the 2022 underwriting year.

Insights from these comprehensive datasets underscore the varied dynamics within the insurance sector, with professional indemnity insurance facing shifts in premium revenue despite stable claims, while public and product liability insurance show increased premiums despite a marginal decrease in claims.

The original analysis was reported based on data compiled by APRA and Lloyd’s Australia.

Published:Wednesday, 7th Aug 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Significant Reduction in Farm Liability Claims Reflects Enhanced Safety Practices
Significant Reduction in Farm Liability Claims Reflects Enhanced Safety Practices
25 Jan 2026: Paige Estritori
Recent data from WFI Insurance indicates a substantial 75% decrease in farm liability claims over the past year, suggesting that Australian farmers are adopting more effective safety measures. This decline is particularly notable in incidents involving falls from height, which have reached their lowest level in four years. - read more
Heightened Road Risks During Holiday Season Due to Increased Freight Traffic
Heightened Road Risks During Holiday Season Due to Increased Freight Traffic
25 Jan 2026: Paige Estritori
As Australia enters the summer holiday season, insurers and transport specialists are raising alarms about heightened road risks resulting from the convergence of increased freight activity and holiday travel. This period sees a significant uptick in both passenger vehicles and heavy trucks on the roads, amplifying the potential for accidents and safety incidents. - read more
Celebrating Excellence: 2025 National Trucking Industry Award Winners
Celebrating Excellence: 2025 National Trucking Industry Award Winners
25 Jan 2026: Paige Estritori
The Australian Trucking Association (ATA) has proudly announced the recipients of the 2025 National Trucking Industry Awards, recognizing outstanding contributions and achievements within the sector. These awards highlight the dedication and excellence of individuals and organizations that drive the industry forward. - read more
Australian Insurers Achieve $6.1 Billion Profit in 2024
Australian Insurers Achieve $6.1 Billion Profit in 2024
25 Jan 2026: Paige Estritori
In 2024, Australia's insurance industry recorded an after-tax profit of $6.1 billion, a significant increase from the five-year average of $2 billion. This surge is primarily attributed to substantial premium hikes and a reduction in severe weather events. - read more
Premiums Decline in Australian Construction Insurance Market
Premiums Decline in Australian Construction Insurance Market
25 Jan 2026: Paige Estritori
Australia's construction insurance market has entered a softer phase in 2025, with premiums decreasing across various lines due to heightened competition among insurers. According to Marsh's Construction Insurance Market Update 2025, premium reductions averaged between 5% and 15% in the first half of the year. - read more
Labour Shortages and Supply Chain Issues Elevate Insurance Claims Costs
Labour Shortages and Supply Chain Issues Elevate Insurance Claims Costs
25 Jan 2026: Paige Estritori
In 2025, Australia's insurance industry is grappling with rising claims costs, particularly within the construction sector, due to labour shortages and supply chain disruptions. Crawford & Company's latest Claims Inflation Update highlights that construction expenses are increasing at a rate faster than general consumer prices, with the Building Cost Index (BCI) rising nearly 5% annually. - read more
Envest Group Unveils TLI Underwriting: A New Era for Heavy Motor Fleet Insurance
Envest Group Unveils TLI Underwriting: A New Era for Heavy Motor Fleet Insurance
24 Jan 2026: Paige Estritori
Envest Group, a prominent player in Australia's insurance sector, has announced the launch of TLI Underwriting, a new agency dedicated to providing specialised insurance solutions for heavy motor fleet operators. This strategic move aims to address the unique challenges faced by larger transport businesses in Australia. - read more
AFCA Delivers Ruling After Trucking Company's Claim Denied
AFCA Delivers Ruling After Trucking Company's Claim Denied
24 Jan 2026: Paige Estritori
The Australian Financial Complaints Authority (AFCA) has recently ruled against a trucking company after it was found to have misrepresented its insurance history and operational details when obtaining a policy from NTI. This case underscores the critical importance of transparency and accuracy when securing insurance coverage in the transport industry. - read more
Australian Insurers Achieve Record Profits Amid Rising Premiums
Australian Insurers Achieve Record Profits Amid Rising Premiums
24 Jan 2026: Paige Estritori
In 2024, Australia's insurance industry reported an after-tax profit of $6.1 billion, a figure that is three times higher than the five-year average of $2 billion. This substantial increase is attributed to a combination of factors, including significant premium hikes and a reduction in severe weather events. - read more
Australian Consumers Confront Unexplained Insurance Premium Increases
Australian Consumers Confront Unexplained Insurance Premium Increases
24 Jan 2026: Paige Estritori
Many Australian consumers are experiencing substantial increases in their insurance premiums, often without clear explanations from their providers. Reports indicate that some policyholders have faced premium hikes of 30% to 50%, with instances of increases reaching several hundred percent. - read more


Farm Insurance Articles

How to Protect Your Harvest: Tips for Choosing the Right Crop Insurance
How to Protect Your Harvest: Tips for Choosing the Right Crop Insurance
Farming, at its core, is an enterprise fraught with uncertainty. Weather calamities, pests, diseases, and fluctuating market conditions can all impact the output and quality of produce. This is where crop insurance proves its worth, serving as a safety net for farmers against the myriad risks they face each season. - read more
Future-Proofing the Farm: What Every Tech-Savvy Australian Farmer Needs to Know About Insurance
Future-Proofing the Farm: What Every Tech-Savvy Australian Farmer Needs to Know About Insurance
Welcome to the first steps in future-proofing your farming legacy. When we think about the hustle and bustle of daily farm life, it's easy to overlook the critical importance of estate planning. For the Australian farmer, estate planning is not just a matter of securing your assets; it's about ensuring the survival and progression of your hard-earned labour to the next generation. - read more
A Farmer's Guide to Essential Farm Insurance Terminology
A Farmer's Guide to Essential Farm Insurance Terminology
Farming is a vital industry in Australia, requiring significant investment in equipment, crops, livestock, and labour. As with any major investment, protecting it is crucial. That's where farm insurance comes in. - read more
Investing in Your Farm's Legacy: Estate Planning and Farm Insurance Combined
Investing in Your Farm's Legacy: Estate Planning and Farm Insurance Combined
Farming is much more than an occupation; it's a way of life and a heritage that often spans generations. In today's ever-evolving agricultural landscape, embracing modern practices while preserving your farm's future has never been more crucial. Estate planning emerges as a pivotal strategy for safeguarding your agricultural legacy, ensuring that your hard-earned investments and the land you hold dear are passed on according to your wishes. - read more
Tractors, Livestock, and Crops: Tailoring Your Farm Insurance to Fit Your Needs
Tractors, Livestock, and Crops: Tailoring Your Farm Insurance to Fit Your Needs
Welcome to the world of farming, where the fruits of your labor are as tangible as the soil you till. But just as the land is subject to the whims of nature, so too is the business of agriculture. This is where farm insurance becomes essential. Farmers face a set of challenges and uncertainties unlike any other industry, primarily due to the unpredictable forces of weather. - read more
Understanding Farm Equipment Insurance: A Breakdown for Australian Farmers
Understanding Farm Equipment Insurance: A Breakdown for Australian Farmers
In the dynamic world of Australian agriculture, farm equipment plays a crucial role in the day-to-day operations of farms. From tractors to harvesters, having the right machinery means managing your farm more efficiently. However, the high value of this equipment makes it essential to protect it adequately through insurance. - read more
Protecting Your Herd: The Aussie Farmer's Guide to Livestock Insurance
Protecting Your Herd: The Aussie Farmer's Guide to Livestock Insurance
For Australian farmers, livestock is more than just a vital asset; it's the heartbeat of their livelihood. In a land where the sunburnt plains are as relentless as they are beautiful, protecting your herd isn't just a duty; it's a necessity. That's where livestock insurance comes into play—a shield against the unpredictability of Mother Nature. - read more
Insurance for Hobby Farms: Finding the Right Coverage
Insurance for Hobby Farms: Finding the Right Coverage
Hobby farming has become increasingly popular in Australia, with many individuals and families embracing the joys of growing their own produce, raising livestock, and enjoying a rural lifestyle. Whether it's a small vegetable garden, a few chickens, or a larger mixed farming operation, hobby farms offer both relaxation and a connection to nature. - read more
The Digital Farmer's Guide to Insuring Your Agribusiness in the Tech Age
The Digital Farmer's Guide to Insuring Your Agribusiness in the Tech Age
Welcome to the defining era where technology and agriculture entwine, bringing forth the digital farmer's era. With the evolution of agribusiness in the tech age, comes an array of new tools, opportunities, and risks. As a custodian of the earth and steward of the latest innovations, safeguarding your digital farm is just as crucial as nurturing your crops and livestock. - read more
Building Resilience Against Natural Disasters: Practical Steps for Aussie Farmers
Building Resilience Against Natural Disasters: Practical Steps for Aussie Farmers
Australian farmers face an array of natural disasters that can threaten livelihoods and disrupt the delicate balance of agricultural ecosystems. From devastating bushfires and droughts to powerful storms and floods, these catastrophic events pose serious risks to the farming community. Understanding and preparing for these forces is not just about survival; it's about building a sustainable future for farms across the continent. - read more


Need a Quote?
Start your free farm insurance quote comparison here.
Farm Type:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Loss of Use:
Insurance coverage that pays for the additional living expenses if your home is uninhabitable due to a covered loss.