Insurance News from Professional Indemnity Australia

The Financial Advice Association of Australia (FAAA) has urged the Federal Government to reconsider any blanket increases to professional indemnity insurance (PII) requirements, expressing concerns over potential cost escalations for financial advisers. This caution comes in response to Treasury's consultation on potential reforms to PII within the financial services sector. - read more

As of 1 July 2025, the Department of Health, Disability and Ageing has introduced a professional indemnity insurance (PII) product specifically designed for midwives providing intrapartum care. This development, under the Midwife Professional Indemnity Scheme (MPIS), ensures that midwives now have access to comprehensive PII coverage for all aspects of private midwifery practice. - read more

In a concerted effort to enhance the effectiveness of professional indemnity (PI) insurance within Australia's financial services sector, leading industry bodies have submitted a joint proposal to the Treasury. The submission, dated 13 February 2026, underscores the necessity for increased transparency and proactive measures to prevent systemic failures that have previously led to significant consumer losses. - read more

In a significant development for Australian small and medium-sized enterprises (SMEs), BizCover has announced the addition of Zurich's Professional Indemnity (PI) insurance product to its online platform, effective from 3 March 2026. This collaboration aims to provide SMEs with enhanced access to comprehensive PI coverage, addressing a critical need in the business community. - read more

In a significant development for the Australian insurance market, Markel, a US-based specialty insurer, has launched professional indemnity (PI) insurance products tailored specifically for Australian businesses. This strategic move comes in response to a notable reduction in PI insurance capacity over recent years, leaving many professionals seeking reliable coverage options. - read more