How did professional indemnity and public liability fare in 2022?
How did professional indemnity and public liability fare in 2022? | Insurance Business Australia
Insurance News
How did professional indemnity and public liability fare in 2022?
APRA report sheds light on claims and premium trends
Insurance News
By
Roxanne Libatique
The Australian Prudential Regulation Authority (APRA) has shed light on professional indemnity and public and product liability claims trends in its latest National Claims and Policies Database (NCPD) report.
Public and product liability
For the 2022 accident year, the NCPD showed public and product liability total risks written of 2.98 million, with gross written premium (GWP) of $2.76 billion representing a decrease on 2021’s $2.94 billion.
There were 17,621 public and product liability claims reports for the accident year 2022, and 7,203 for the underwriting year 2022.
Professional indemnity
There were 923,983 PI risks written for the year, according to the APRA data. GWP was $2.62 billion, down from $3.02 billion in 2021.
For the 2022 accident year, the NCPD noted a total of 10,308 claims reports, or 5,424 for the 2022 underwriting year.
APRA’s NCPD database
The NCPD is a database of insurance policy and claim information on professional indemnity (PI) and public and product liability, including open, reopened, and finalised claims and policies underwritten since 2003 by APRA-regulated general insurance companies and Lloyd’s Australia.
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