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
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Insurance News

Surge in Insurance Complaints Highlights Processing Delays
Surge in Insurance Complaints Highlights Processing Delays
21 Apr 2026: Paige Estritori
Recent data from the Australian Financial Complaints Authority (AFCA) reveals a significant increase in consumer complaints against insurance companies, reaching an unprecedented average of 100 complaints per day. This surge is primarily attributed to delays in processing routine claims, rather than issues stemming from natural disasters. - read more
Cyber Threats Expose Gaps in Australian Insurers' Preparedness
Cyber Threats Expose Gaps in Australian Insurers' Preparedness
21 Apr 2026: Paige Estritori
The latest PwC Insurance Banana Skins Survey highlights a concerning trend: Australian insurers are trailing their global counterparts in preparedness for emerging risks, particularly in the realms of cyber threats and artificial intelligence (AI). This gap raises questions about the industry's resilience and its ability to adapt to rapidly evolving technological challenges. - read more
Market Concentration in Australian Insurance: A Double-Edged Sword
Market Concentration in Australian Insurance: A Double-Edged Sword
21 Apr 2026: Paige Estritori
Australia's general insurance market is notably concentrated, with four major companies-Insurance Australia Group (IAG), Suncorp, QBE, and Allianz-controlling approximately 74% of the market. This dominance has sparked discussions about the potential implications for competition and consumer outcomes. - read more
Life Insurers Advocate for Updated Code of Practice
Life Insurers Advocate for Updated Code of Practice
21 Apr 2026: Paige Estritori
The Australian life insurance industry is actively supporting revisions to the Life Insurance Code of Practice, aiming to align with evolving regulatory requirements and consumer expectations. This initiative underscores the sector's commitment to maintaining trust and relevance in a dynamic environment. - read more
AIA Australia Highlights Need for Industry Adaptation
AIA Australia Highlights Need for Industry Adaptation
21 Apr 2026: Paige Estritori
AIA Australia has raised concerns about impending structural changes in the life insurance sector, driven by increasing mental health claims and economic volatility. CEO Damien Mu emphasized the necessity for the industry to adapt to these evolving challenges to ensure sustainability. - read more
Australian Life Insurers Report Significant Underwriting Profit
Australian Life Insurers Report Significant Underwriting Profit
21 Apr 2026: Paige Estritori
The Australian Prudential Regulation Authority (APRA) has reported a substantial underwriting gain of $279 million for the life insurance sector in the December quarter of 2025. This marks a significant improvement from the $36 million recorded in the same period the previous year, highlighting the industry's resilience and adaptability. - read more
South-West Queensland Councils Propose Community Insurance Mutual to Combat Rising Premiums
South-West Queensland Councils Propose Community Insurance Mutual to Combat Rising Premiums
21 Apr 2026: Paige Estritori
In response to a dramatic surge in insurance premiums, councils in South-West Queensland are exploring the establishment of a community insurance mutual. This initiative aims to provide more affordable and tailored insurance solutions for local residents and businesses. - read more
Dry Conditions and Rising Input Costs Drive Hay Prices Up in Central West NSW and Bega Valley
Dry Conditions and Rising Input Costs Drive Hay Prices Up in Central West NSW and Bega Valley
21 Apr 2026: Paige Estritori
Farmers in Central West New South Wales and the Bega Valley are grappling with rising hay prices, driven by persistent dry conditions and escalating input costs. These factors have combined to tighten local supply and increase production expenses, impacting both producers and buyers in the region. - read more
APRA Intervenes to Halt Unjustified Premium Increases in Commercial Auto Insurance
APRA Intervenes to Halt Unjustified Premium Increases in Commercial Auto Insurance
21 Apr 2026: Paige Estritori
The Australian Prudential Regulation Authority (APRA) has taken decisive action to address escalating concerns within the commercial auto insurance sector by freezing unjustified premium hikes. This intervention aims to protect independent transport operators and logistics enterprises from potential financial distress caused by substantial increases in insurance costs. - read more
Australian Insurers Face Challenges in Risk Preparedness
Australian Insurers Face Challenges in Risk Preparedness
21 Apr 2026: Paige Estritori
Recent findings from the PwC Insurance Banana Skins Survey reveal that Australian insurers are trailing their global counterparts in risk preparedness, scoring 6.6% lower on the Preparedness Index. This gap highlights the pressing need for the Australian insurance industry to bolster its strategies against emerging threats. - read more


Farm Insurance Articles

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
5 Essential Farm Insurance Policies Every Australian Farmer Needs
5 Essential Farm Insurance Policies Every Australian Farmer Needs
Farming in Australia is not just a job, it's a way of life. However, it’s also a livelihood that comes with its own unique set of risks. From unexpected weather events to machinery breakdowns, the life of an Australian farmer is fraught with uncertainties. - 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
Agroforestry Insurance Guide: Protecting Your Investment in Australia's Sustainable Future
Agroforestry Insurance Guide: Protecting Your Investment in Australia's Sustainable Future
Agroforestry is a transformative approach to land management that integrates trees into agricultural landscapes. In Australia, where farmers contend with variable climates and environmental challenges, agroforestry offers a resilient pathway to productivity and sustainability. - read more
Common Pitfalls to Avoid When Insuring Your Farm Equipment
Common Pitfalls to Avoid When Insuring Your Farm Equipment
In the world of agriculture, having the right insurance coverage is essential. Farming is a high-risk industry that deals with unpredictable elements, and insuring your farm equipment can safeguard your livelihood. - read more
The Modern Farmer's Checklist for Assessing Farm Equipment Insurance Needs
The Modern Farmer's Checklist for Assessing Farm Equipment Insurance Needs
As the backbone of Australian agriculture, farm equipment plays an essential role in day-to-day operations across our expansive and diverse landscapes. From the vast wheat belts to the tropical fruit farms, machinery ensures efficiency and productivity in the face of constant challenges. But with reliance on such equipment comes significant risk—the financial burden of damage or loss can be devastating to a farmer's livelihood. - 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
Proven Strategies for Australian Farmers to Reduce Farm Insurance Premiums
Proven Strategies for Australian Farmers to Reduce Farm Insurance Premiums
Welcome to our comprehensive guide on navigating the complexities of farm insurance for Australian farmers. As an integral part of the agricultural industry, insurance provides a safety net that helps secure the livelihood of farmers against unpredictable events that can lead to financial hardship. From property damage due to natural disasters to loss of livestock or crops, having adequate farm insurance can make all the difference in keeping a farming operation afloat in times of crisis. - read more
How to Safeguard Your Farm: A Guide for Australian Farmers
How to Safeguard Your Farm: A Guide for Australian Farmers
Farming is inherently risky. With factors like weather, pests, and market fluctuations affecting crops, it's crucial to manage these risks effectively. - read more
Customized Insurance Solutions: The Advantage of Specialized Farm Brokers
Customized Insurance Solutions: The Advantage of Specialized Farm Brokers
Farming in Australia is more than just a way of life; it is a critical sector that supports the nation’s economy and food supply. However, managing a farm comes with its own set of unique risks. From natural disasters to equipment failures, farmers face numerous challenges that can impact their livelihood. - read more


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

All quotes are provided obligation-free by a participating broker from our national referral partner network. We respect your Privacy.


Knowledgebase
Policyholder:
The individual or entity who owns the insurance policy.