The tort reforms of the past couple of years are starting to affect premiums, according to state and federal ministers attending Friday’s seventh ministerial meeting on insurance issues.

Assistant Treasurer Helen Coonan, who chaired the meeting, applauded the efforts of the states and territories, saying premiums are starting to stabilise. “Ministers were pleased to note the recent [Australian Competition and Consumer Commission] price monitoring report showed a significant slowing of premium increases over the last six months,” she said in a statement after the meeting. “It’s vital the Australian community feels confident that benefits are passed on, and ministers reaffirmed their commitment to ensuring this takes place.”

The ministers called for the Federal Government to press ahead with amendments to the Trade Practices Act and the Insurance Contracts Act, saying gaps in the legislation are already being exploited.

The meeting was also used to launch a promotional booklet outlining the reform of liability insurance law, which Senator Coonan says will be primarily used to attract new capacity to the market. “We are now at the forefront of international efforts to implement tort law reform to curb blowouts to the cost and availability of liability classes of insurance,” she said.

Ministers also agreed that further work should be done to assess the viability of a long-term care scheme for the catastrophically injured. A report will be presented to the next ministerial meeting in Darwin in September.