The Victorian Competition and Efficiency Commission has called for comments on proposed personal injury law reforms that could raise public liability and professional indemnity insurance premiums by up to 4%.

It follows an inquiry that found changes to the Wrongs Act a decade ago increased access to cover and cut premium costs, but also led to complaints of people missing out on “fair” compensation.

“The commission is proposing a draft package of measures that will address some clear anomalies, inconsistencies and inequities, while having, on current estimates, a modest increase in insurance premiums,” a draft report called Adjusting the Balance says.

The Wrongs Act covers areas such as compensation claims for slips or falls in public places and harm from medical treatment.

The legislation was overhauled in 2002 and 2003 to restrict some common law rights to compensation, in response to spiralling public liability and professional indemnity premiums and lack of cover for some risks.

The latest proposed reforms include changes to psychiatric injury thresholds and the way spinal injuries are assessed for non-economic losses.

The maximum amount of damages awarded for non-economic loss would be aligned with the Accident Compensation Act cap of about $539,000.

A further review may be needed as the national disability insurance scheme takes full effect in mid-2019, the report says.

Submissions on the draft proposals should be lodged with the commission by January 17.