Public liability costs have risen by an average of 28% for renewals over the past six months, says Trowbridge/Deloitte actuarial partner Geoff Atkins. And he believes commercial property rates have risen 25% and professional indemnity insurance 20%.

Speaking to a forum of business and community leaders in Sydney last week, he said the problem for all business “is not just about coping with unexpected large premium increases, but about companies having greater exposure to revenue loss from significantly higher excesses and restricted policy conditions”.

The forum, called to discuss the current legal inconsistencies, voted overwhelmingly in favour of state governments urgently adopting a nationally consistent approach to public liability reform, following the tough NSW model. Participants in the forum included the architect of the reforms, NSW Premier Bob Carr, and Sydney Deputy Lord Mayor Lucy Turnbull.

A poll conducted during the meeting found 97% of the participants voting for a national response in line with the NSW Government’s legislation.

The insurance industry came in for a bit of a caning. The poll showed 86% thought the insurance industry should have community obligations when determining insurance cover and premium rates. But 59% voted against a regulatory body or government official responsible for ensuring the insurance industry passes on the benefits of reforms to consumers.