Professional indemnity (PI) gross premium for non-facility business rose to $3.02 billion in 2021 from $2.68 billion a year earlier, representing a gain of 12%, according to the Australian Prudential Regulation Authority (APRA). 

Non-facility PI claims payments declined 5% to $931 million over the same period, the number of claims for which PI payments were made crept up 2% to 18,497 and the number of risks written dropped 1% to 908,024. 

The APRA National Claims and Policies Database also provided an update on public and product liability (PL) and related statistics on Lloyd’s Australia. 

PL gross premium for non-facility business eased 1% to $2.9 billion in 2021 from a year earlier, claims payments increased 5% to $1.05 billion and the number of claims for which payments were made dropped 8% to 27,492. 

Lloyd’s Australia recorded PI gross premium of $537 million in 2021 and PL gross premium of $227 million. 

PI and PL claims payments combined rose 33% to $226 million from 2020, comprising of $165 million for non-facility PI and $61 million for non-facility PL. 

APRA says it is difficult to compare Lloyd’s Australia with other insurers given the specialist nature of the Lloyd’s market. Along with standard business Lloyd’s also writes larger and more complex risks that attract higher premiums, the regulator says.