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Professional Indemnity Australia Weekly Risk and Insurance News

Each week, Professional Indemnity Australia brings a clear, plain-English wrap of the news affecting professionals and small businesses across the country. We cover industry developments, regulatory updates, notable cases, and emerging risk trends—distilling what changed, why it matters, and practical takeaways you can act on. Expect concise, trustworthy coverage tailored to consultants, contractors, and SMEs, helping you stay informed, compliant, and confident without the noise.

This Week:

This week: the minister pushes for rapid progress on a new, ASIC‑approved and contractually enforceable General Insurance Code of Practice; a compliance report shows 38% of broker breaches stem from late renewal reminders, risking coverage gaps; affordability tensions rise as a federal MP asks the ACCC to examine premium spikes despite mitigation; and SMEs lift uptake of tax audit insurance as ATO scrutiny grows. Takeaways: track your PI renewal, compare quotes early, talk to a broker about cover terms and pricing, and consider complementary covers where appropriate.

EPISODE 2168 | Professional Indemnity Australia Weekly Risk and Insurance News | Sun, 21st Jun 2026

23 Jun 2026 | Paige Estritori

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Read Full Transcript:

Hello and welcome to Professional Indemnity Australia Weekly Risk and Insurance News with Paige Estritori, Sunday 21 June 2026. First up, movement on the General Insurance Code of Practice. On Friday 19 June, the Financial Services Minister said he wants “material progress” on a new, contractually enforceable code expected to be approved by ASIC — the Australian Securities and Investments Commission. The draft may land for consultation soon. For consultants and small firms, this could sharpen standards on claims handling, cash settlements and dispute resolution. Stay close to your broker when the draft drops so you understand any changes that may affect how your cover responds. Meanwhile, a fresh compliance report out Wednesday 17 June found 38% of broker code breaches came from not contacting clients at least 14 days before renewal. Some customers faced coverage gaps. Dont risk it: diarise your professional indemnity renewal date, start quotes early, and make sure any contract that requires continuous PI cover stays intact. Also on Friday 19 June, pressure over premium affordability escalated. A federal MP has asked the ACCC — the Australian Competition and Consumer Commission — to examine steep regional price rises despite flood‑mitigation projects, while councils explore alternative risk options. If premiums are biting, ask your adviser to review sums insured, risk details and available excess options, and compare multiple quotes to keep costs predictable without weakening protection. And on Thursday 18 June, demand for tax audit insurance is rising as ATO scrutiny intensifies. Remember, tax audit cover pays for professional fees to respond to an audit; its separate to professional indemnity, which protects you against claims alleging professional mistakes. If your accountant flags audit risk, consider whether a standalone policy makes sense alongside your PI. Thats the wrap. For clear explanations, quick comparisons and support from expert brokers, visit professional-indemnity-australia.com.au and get your free professional indemnity quote today. Thanks for listening, and have a safe and productive week.

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.