The Australian Prudential Regulation Authority (APRA) has shed light on professional indemnity and public and product liability claims trends in its latest National Claims and Policies Database (NCPD) report.
For the 2022 accident year, the NCPD showed public and product liability total risks written of 2.98 million, with gross written premium (GWP) of $2.76 billion representing a decrease on 2021’s $2.94 billion.
There were 17,621 public and product liability claims reports for the accident year 2022, and 7,203 for the underwriting year 2022.
There were 923,983 PI risks written for the year, according to the APRA data. GWP was $2.62 billion, down from $3.02 billion in 2021.
For the 2022 accident year, the NCPD noted a total of 10,308 claims reports, or 5,424 for the 2022 underwriting year.
The NCPD is a database of insurance policy and claim information on professional indemnity (PI) and public and product liability, including open, reopened, and finalised claims and policies underwritten since 2003 by APRA-regulated general insurance companies and Lloyd's Australia.
APRA is set to release updated detailed policy and claims web-based reports for regulated general insurers at a later date.
