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APRA figures reveal stabilising liability lines

APRA has released the latest annual report on policies and claims for public and product liability from the National Claims and Policies Database.

The latest figures include information on policies and claims at 31 December 2007.

The average written premium for public and product liability stabilised in 2007 after three years of decreases, with the national average premium rising just 0.4% to $781.

The national average written premium for professional indemnity risks in 2007 was $3664, about 8% lower than 2006.

Gross written premium for both risks amounted to $2.8 billion, while a total of 74,000 insurance claims for both lines during the period amounted to $1.1 billion.  

Gross written premium among public and product liability underwriters was $1.66 billion, while professional indemnity insurers contributed $1.1 billion.

APRA established the database in 2003 to provide stakeholders with a better understanding of liability covers, and to monitor trends in premiums and claim costs.