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<br><P><I><SPAN style="FONT-SIZE: 18pt; FONT-FAMILY: Verdana">Professions </SPAN></I><I><SPAN style="FONT-SIZE: 18pt; FONT-FAMILY: Verdana">Australia</SPAN></I><I><SPAN style="FONT-SIZE: 18pt; FONT-FAMILY: Verdana"> Alert No. 165: Professional indemnity rates set to rise again</SPAN></I></P>
<P style="MARGIN: 6pt 0cm 3pt"><SPAN style="FONT-FAMILY: Verdana">(Professions </SPAN><SPAN style="FONT-FAMILY: Verdana">Australia</SPAN><SPAN style="FONT-FAMILY: Verdana"> is a national organisation of professional associations)</SPAN></P>
<P style="MARGIN: 6pt 0cm 3pt; FONT-FAMILY: Verdana">Today’s <I>Australian Financial Review</I> reports recent survey information on projected insurance premium rises for 2004. It shows professional indemnity (PI) premium rates set to rise by an average of 18 per cent this year following (according to the survey by JP Morgan Deloitte) 29 per cent last year.</P>
<P style="MARGIN: 6pt 0cm 3pt; FONT-FAMILY: Verdana">A copy of the article is below.</P>
<P style="MARGIN: 6pt 0cm 3pt; FONT-FAMILY: Verdana">Three comments: professionals know it is the exclusions and the lack of competition in the market that hurts as much as the rises; in any case, averaging at 18 per cent (or even 29 per cent) ‘smoothes out’ the higher rises that many professionals experienced; still, this is good ammunition for the lobbying professionals need to do in the leadup to this Friday’s further meeting of insurance ministers in Hobart. PI is on the agenda. See our Alert No. 164 of late last week.</P>
<P style="MARGIN: 6pt 0cm 3pt; FONT-FAMILY: Verdana">In lobbying, our line should be that the longer the delay on finally pinning down these reforms, the longer the brakes will stay off PI premium increases.</P>
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<H2>Business wins in insurance shake-out</H2>
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<P><SPAN style="FONT-SIZE: 9.5pt; COLOR: #555555; FONT-FAMILY: Arial">Author: Lisa Murray<BR>Date: </SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #555555; FONT-FAMILY: Arial">23/02/2004</SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #555555; FONT-FAMILY: Arial"><BR>Words: 986<BR>Source: AFR</SPAN></P></TD>
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<P style="FONT-SIZE: 9.5pt; COLOR: #555555; FONT-FAMILY: Arial">Publication: Australian Financial Review<BR>Section: News<BR>Page: 1</P></TD></TR></TABLE>
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<P style="FONT-SIZE: 9.5pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Australian businesses have won a reprieve from the massive <B><SPAN style="COLOR: blue">insurance</SPAN></B> premium increases of recent years as competition intensifies among the nation's leading insurers and global players return to the local market. </P>
<P style="TEXT-ALIGN: justify">The chief executives of Australia's big four general insurers say that premiums for the majority of policies will rise only modestly in the next two years as the disastrous legacy of HIH's $5 billion collapse is left behind and more rational pricing implemented. </P>
<P style="TEXT-ALIGN: justify">``We've seen a couple of years of significant price acceleration but prices are now around technical levels where we get our targeted returns so any acceleration after that is likely to be in line with claims inflation," Promina chief executive Mike Wilkins said. </P>
<P style="TEXT-ALIGN: justify"><B><SPAN style="COLOR: blue">Insurance</SPAN></B> Australia Group, Suncorp, Promina and QBE all report this week and are likely to confirm recent surveys that suggest premium rates are moderating in most classes of <B><SPAN style="COLOR: blue">insurance</SPAN></B>. </P>
<P style="TEXT-ALIGN: justify">A recent industry survey by JP Morgan Deloitte shows that premium rates in commercial property are expected to drop 1 per cent next year after a 9 per cent increase in 2004 . Rates for workers' compensation policies are expected to fall 4 per cent this year and remain flat next year. </P>
<P style="TEXT-ALIGN: justify">But public companies and professions still face double-digit price rises on professional indemnity, public liability and directors and officers <B><SPAN style="COLOR: blue">insurance</SPAN></B>, where premiums are set to rise up to 18 per cent in 2004, albeit down from the shock 30 per cent spike of last year. </P>
<P style="TEXT-ALIGN: justify">The Australian Competition and Consumer Commission is monitoring premiums to ensure the industry, which is dominated by five players, is not price gouging by hiking rates unnecessarily and that insurers are passing on the savings from recent tort reforms, including the capping of damages claims. </P>
<P style="TEXT-ALIGN: justify">``There's no doubt in the last three years that, in a commercial sense, there have been premium rate increases," <B><SPAN style="COLOR: blue">Insurance</SPAN></B> Australia Group chief executive Michael Hawker said. </P>
<P style="TEXT-ALIGN: justify">``But right through the '90s it was unprofitable when you had big competitors like HIH writing business under the risk curve. We think that the market is near its peak and is starting to soften in some areas, particularly in commercial property." </P>
<P style="TEXT-ALIGN: justify">Australian businesses have struggled to cope with the dramatic surge in the cost of <B><SPAN style="COLOR: blue">insurance</SPAN></B> over the past two years. </P>
<P style="TEXT-ALIGN: justify">Australian Industry Group chief executive Heather Ridout said businesses were still battling the fallout from the 2001 collapse of HIH, which was one of the biggest providers of professional indemnity and public-liability <B><SPAN style="COLOR: blue">insurance</SPAN></B> and had been underpricing risk for nearly a decade. </P>
<P style="TEXT-ALIGN: justify"><B><SPAN style="COLOR: blue">Insurance</SPAN></B> costs for professions such as lawyers, graphic designers, financial planners and real-estate agents doubled and in some cases tripled. Operators of theme parks and ice rinks, some small builders and local councils were left without cover as premiums surged and insurers withdrew from those markets. </P>
<P style="TEXT-ALIGN: justify">``In terms of absolute costs, <B><SPAN style="COLOR: blue">insurance</SPAN></B> is still a major and ongoing issue," Ms Ridout said. </P>
<P style="TEXT-ALIGN: justify">``We've seen rate increases of between 20 and 25 per cent and we are not anticipating a huge easing this year. If that comes to pass, obviously it will be hugely welcomed," she said. </P>
<P style="TEXT-ALIGN: justify">Premiums are generally driven by capacity, inflation and the cost of reinsuring the risk and processing the claim. The industry's restructure over the past two years following the acquisition of CGU by IAG and the listing of Promina last year has led to more rational pricing, making the local market more attractive for offshore underwriters. </P>
<P style="TEXT-ALIGN: justify">``Four of the top five general insurers are listed entities and they now have shareholder expectations to meet," Suncorp chief executive John Mulcahy said. </P>
<P style="TEXT-ALIGN: justify">``The industry is now on a profitable basis. General price increases will be based on the claims and inflation environment." </P>
<P style="TEXT-ALIGN: justify">The JP Morgan Deloitte survey found double-digit increases would continue for public and product liability with increases of 11 per cent this year from 27 per cent in 2003. But that will moderate to 6 per cent next year. Professional indemnity is expected to rise by 18 per cent this year and 10 per cent next year, largely driven by higher reinsurance rates while directors <B><SPAN style="COLOR: blue">insurance</SPAN></B> will rise 14 per cent and officers <B><SPAN style="COLOR: blue">insurance</SPAN></B> 11 per cent. </P>
<P style="TEXT-ALIGN: justify">Duncan West , head of Promina's intermediated <B><SPAN style="COLOR: blue">insurance</SPAN></B> business, said a challenge for the public liability and professional indemnity classes was the time lag between issuing the policies and receiving claims. ``We are still seeing claims cost inflation at reasonably high levels and so there are still increases to go, particularly in professional indemnity," he said. </P>
<P style="TEXT-ALIGN: justify">Lambros Lambrou , head of market services at <B><SPAN style="COLOR: blue">insurance</SPAN></B> broker AON, said the full impact of tort reform was not being felt. </P>
<P style="TEXT-ALIGN: justify">``The lack of uniformity in the reforms is not helping the insurers respond. Unfortunately for consumers, the reforms will take a few years to kick in," he said. </P>
<P style="TEXT-ALIGN: justify">This will not be helped by the Senate's decision to baulk at closing a loophole that allows people to get around new payout caps. </P>
<P style="TEXT-ALIGN: justify">The federal government had proposed to ban ``forum shopping" by removing the right to sue for death and personal injury under the Trade Practices Act. </P>
<P style="TEXT-ALIGN: justify">But the Senate's insistence on protecting consumers' rights led it to oppose the plan, meaning people can still use the TPA to win awards bigger than those now available under state reforms aimed at addressing the <B><SPAN style="COLOR: blue">insurance</SPAN></B> crisis. </P>
<P style="TEXT-ALIGN: justify">But, taking some of the pressure off <B><SPAN style="COLOR: blue">insurance</SPAN></B> costs, most insurers expect more capacity to return to the market because of the stable claims environment. AssetInsure, a company chaired by former NSW premier John Fahey , was granted an operating licence last week and is targeting the professional indemnity market. Foreign players are also looking at the Australian market. </P>
<P style="TEXT-ALIGN: justify">Over 70 per cent of participants in the JP Morgan Deloitte survey expected capacity to come back to commercial classes of business. </P><PRE style="TEXT-ALIGN: justify">A PREMIUM WAVE SUBSIDES</PRE><PRE style="TEXT-ALIGN: justify">Change in premium rate in 2003 and expectations for the future %</PRE><PRE style="TEXT-ALIGN: justify"><SPAN> </SPAN>2003<SPAN> </SPAN>2004<SPAN> </SPAN>2005</PRE><PRE style="TEXT-ALIGN: justify">Domestic motor vehicle<SPAN> </SPAN>7<SPAN> </SPAN><SPAN> </SPAN>5<SPAN> </SPAN>4</PRE><PRE style="TEXT-ALIGN: justify">Household<SPAN> </SPAN>7<SPAN> </SPAN>6<SPAN> </SPAN>5</PRE><PRE style="TEXT-ALIGN: justify">Workers' compensation<SPAN> </SPAN>-6<SPAN> </SPAN>-4<SPAN> </SPAN>0</PRE><PRE style="TEXT-ALIGN: justify">Commercial property<SPAN> </SPAN>14<SPAN> </SPAN>9<SPAN> </SPAN>-1</PRE><PRE style="TEXT-ALIGN: justify">Commercial motor vehicle<SPAN> </SPAN>5<SPAN> </SPAN>0<SPAN> </SPAN>1</PRE><PRE style="TEXT-ALIGN: justify">Public and product liability<SPAN> </SPAN>27<SPAN> </SPAN>11<SPAN> </SPAN>6</PRE><PRE style="TEXT-ALIGN: justify">Professional indemnity<SPAN> </SPAN>29<SPAN> </SPAN>18<SPAN> </SPAN>10</PRE><PRE style="TEXT-ALIGN: justify">Directors and officers<SPAN> </SPAN>26<SPAN> </SPAN>14<SPAN> </SPAN>11</PRE><PRE style="TEXT-ALIGN: justify">SOURCE: 2003 General <B><SPAN style="COLOR: blue">Insurance</SPAN></B> Survey, JP Morgan</PRE></TD></TR></TABLE>
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