About 2.38 million product liability (PL) risks were underwritten in 2011, compared with 2.43 million in 2010 and 2.36 million in 2009, according to the National Claims and Policies Database administered by the Australian Prudential Regulation Authority.

Some 9126 claims have been lodged for 2011 so far, in line with 2010’s figure of 9988.

The figures grow as claims are lodged in subsequent years; in 2003 8618 claims were lodged in the first year, growing to 27,366 eight years later.

PL gross written premium for 2011 was $1.7 million, down slightly on $1.71 million in 2010.

The cost of claims so far is $93,190, up from $81,088.

Again, the cost of claims rises as more cases are settled over an eight-year period; in 2003 first-year claims were $1741, growing to $479,841.

PL claim payments in 2011 were $17,006, in line with the previous year. In 2003 claim payments started at $9854 but reached $436,691 eight years later.

There have been 6052 professional indemnity (PI) claims lodged so far for 2011, down from 6121 in 2010.

There were 462,368 PI risks written in 2011, up from 435,190 the previous year. 

Again, the number of claims lodged grows year by year, but at a slower rate than PL.

In 2003 5909 claims were lodged in the first year, rising to 7699 eight years later.

PI gross written premium was $1.27 billion in 2011, compared with $1.28 billion in 2010.

Gross claims settled in 2011 totalled $113,846, down from $125,387 the year before.

Payments for PI claims in 2011 have reached $13,970, up from $12,479 in 2010. The number of claims finalised in 2011 was 968, rising from 858.