APRA's 2022 Data Shows Stable PI Claims and Premium Reduction
Insights into the Australian Professional Indemnity Insurance Landscape
0
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
The Australian Prudential Regulation Authority (APRA) has released its latest National Claims and Policies Database, providing valuable insights into the professional indemnity (PI) insurance sector for the 2022 underwriting year.
The data indicates that PI claims payments for non-facility business remained relatively stable at $1.111 billion, a slight increase from $1.109 billion in the previous year.
Notably, the gross premium for PI insurance experienced a 6% decline, dropping from $2.954 billion to $2.775 billion. This reduction suggests a shift in the market dynamics, potentially influenced by increased competition among insurers and a more selective underwriting approach.
The number of PI claims with payments made for non-facility business decreased by 8% to 17,433, indicating a possible improvement in risk management practices among professionals or a more stringent claims assessment process by insurers.
For professionals and business owners, these trends underscore the importance of staying informed about the evolving insurance landscape. While the stability in claims payments is reassuring, the decrease in gross premiums may reflect changes in policy terms, coverage limits, or insurer appetite. Engaging with knowledgeable insurance brokers can provide clarity and ensure that coverage remains adequate and competitively priced.
As the market continues to adjust, professionals should proactively review their insurance policies to align with current industry standards and safeguard against potential liabilities.
Published:Thursday, 13th Nov 2025 Source: Paige Estritori
Please Note: If this information affects you, seek advice from a licensed professional.
The Australian Treasury has commenced a consultation process aimed at improving the effectiveness of professional indemnity (PI) insurance, with the goal of strengthening the Compensation Scheme of Last Resort (CSLR). This initiative seeks to gather stakeholder feedback on the current operation of PI insurance and explore opportunities for enhancement. - read more
Sydney-based insurtech company Upcover has unveiled a new professional indemnity and public liability insurance product tailored specifically for nurses across Australia. This initiative aims to provide comprehensive coverage that meets the unique needs of nursing professionals, including nurse practitioners, in-patient nurses, doulas, and nursing students. - read more
The Australian Prudential Regulation Authority (APRA) has released its latest National Claims and Policies Database, providing valuable insights into the professional indemnity (PI) insurance sector for the 2022 underwriting year. The data indicates that PI claims payments for non-facility business remained relatively stable at $1.111 billion, a slight increase from $1.109 billion in the previous year. - read more
In a significant development for New South Wales' legal community, ABC Insurance has announced its entry into the professional indemnity (PI) insurance market, providing solicitors with an alternative to the longstanding sole provider, Lawcover. This move introduces competition and choice for over 23,000 solicitors in the state, who have traditionally relied on Lawcover for their mandatory PI insurance. - read more
Professional Risk Underwriting Pty Ltd (ProRisk) has launched a new Professional Indemnity (PI) Insurance policy available through their ProBind platform. This product caters to Australian-domiciled organisations with up to 500 employees and a turnover of up to $25 million, covering a wide array of 506 professional occupations, including consultants, accountants, engineers, and legal professionals. - read more
