Income Insurance Online :: News
SHARE

Share this news item!

Medical Professional Coverage Costs Under Scrutiny

Medical Professional Coverage Costs Under Scrutiny

Medical Professional Coverage Costs Under Scrutiny?w=400

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.

Amid rising concerns, the Australian Medical Association (AMA) has flagged the escalating expenses associated with indemnity insurance premiums as a serious issue that demands attention.

Following a heated discussion at a recent national conference held on the Gold Coast, the AMA and its New South Wales branch convened with a number of medical defence organisations to tackle this pressing matter.

During these meetings, participants delved into changes in healthcare delivery and the evolving scopes of medical practice-factors contributing significantly to the rising costs within the medical indemnity sector.

According to a statement published on the AMA’s website, the Medical Defence Organisations (MDOs), which largely operate as member-based mutual entities, acknowledged the industry's growing unease. They shared global insurance market trends and emphasized the importance of maintaining open communication and collaborative efforts with the AMA to address systemic policy issues. Despite the need for cooperation, the constraints of competition law were noted as a limiting factor.

The organizations represented at the meeting included key industry players such as Avant, MDA National, Medical Indemnity Protection Society, MIGA, and Tego.

In its latest report, Avant informed Insurance News that their average rate increments have managed to remain below inflation for several renewal periods. Nevertheless, certain specialized fields have experienced sharp double-digit rate hikes due to specific claim frequencies and severities, affecting less than 1% of their membership.

Published:Wednesday, 4th Sep 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Rate this article

Sign in with Google to rate

0 Comments

No comments yet. Be the first to share your thoughts.

Insurance News

HESTA Announces 12% Reduction in Insurance Fees to Benefit Members
HESTA Announces 12% Reduction in Insurance Fees to Benefit Members
18 May 2026: Paige Estritori
HESTA, a leading Australian superannuation fund, has unveiled a significant reduction in insurance fees, aiming to make coverage more accessible and affordable for its members. Effective from 1 July 2026, the fund will implement an average 12% decrease across all insurance cover types, including death, total and permanent disablement (TPD), and income protection. - read more
Rising Mental Health Claims Drive Surge in Income Support Demand
Rising Mental Health Claims Drive Surge in Income Support Demand
18 May 2026: Paige Estritori
Recent data reveals a significant increase in the number of Australians accessing income support, with over 8 million individuals receiving assistance in the past year. This surge is largely attributed to a rise in mental health-related claims, highlighting a pressing issue within the workforce. - read more
AFCA Supports Insurer in Income Protection Offset Dispute
AFCA Supports Insurer in Income Protection Offset Dispute
18 May 2026: Paige Estritori
The Australian Financial Complaints Authority (AFCA) has recently ruled in favour of Nippon Life Insurance in a dispute concerning income protection (IP) offsets, confirming an overpayment of nearly $18,000 and supporting the insurer's decision to suspend benefits during the reconciliation of compulsory third party (CTP) income. - read more
Australian Cosmetic Prices Surge Amid Middle East Supply Disruptions
Australian Cosmetic Prices Surge Amid Middle East Supply Disruptions
18 May 2026: Paige Estritori
Recent geopolitical tensions in the Middle East have led to significant disruptions in crude oil supply, resulting in increased costs for petroleum-derived raw materials essential to the cosmetic industry. This development is causing a notable rise in the prices of beauty products across Australia. - read more
Australian Health Insurers Criticised for Aggressive Negotiation Tactics
Australian Health Insurers Criticised for Aggressive Negotiation Tactics
18 May 2026: Paige Estritori
Recent reports have brought to light concerns regarding the negotiation practices of major health insurers in Australia. Private hospitals have accused these insurers of employing aggressive tactics that may be contributing to the closure of services and facilities across the country. - read more
Click for more Insurance News


Life Insurance Articles

Income Protection vs. Life Insurance: What's Best for You?
Income Protection vs. Life Insurance: What's Best for You?
Financial protection is an essential aspect of sound financial planning. It ensures that you and your family are safeguarded against unexpected events that could lead to financial hardship. Two common types of financial protection are income protection insurance and life insurance. - read more
How to Compare Income Protection Insurance for Self-Employed Australians
How to Compare Income Protection Insurance for Self-Employed Australians
For self-employed Australians, the financial stability provided by consistent income is the backbone of both personal and business success. Unlike traditional employees, who might have access to sick leave or employer-sponsored disability benefits, self-employed individuals are solely responsible for their financial security in the event of illness or injury. This is where income protection insurance steps in as a crucial safeguard. - read more
Income Protection Insurance: Understanding Waiting Periods and Benefit Periods
Income Protection Insurance: Understanding Waiting Periods and Benefit Periods
Income protection insurance is a financial product designed to support individuals in the event that they are unable to work due to illness or injury. This type of insurance provides a regular income, helping to replace a portion of lost earnings and meet daily living expenses. Virtually anyone earning an income, especially those with financial dependents or significant debts, should consider the peace of mind that income protection can offer. - read more
5 Key Factors to Consider When Shopping for Income Protection in Australia
5 Key Factors to Consider When Shopping for Income Protection in Australia
Welcome to our comprehensive guide on securing your financial future in Australia. In a world of uncertainties, income protection insurance plays a critical role in maintaining your financial security and peace of mind. - read more
Deciphering Your Policy: A Beginner's Guide to Insurance Terminology
Deciphering Your Policy: A Beginner's Guide to Insurance Terminology
Welcome to the world of insurance – a domain where words like 'deductible' and 'premium' can significantly impact your financial protection and peace of mind. As a beginner, grasping the basics of insurance terminology is the first step towards making informed decisions about the policies that safeguard your assets and future. In this guide, we will embark on a journey through the language of insurance, which can often seem as complex as the policies themselves. - read more

Knowledgebase
Subrogation:
An insurance carrier may reserve the "right of subrogation" in the event of a loss. This means that the company may choose to take action to recover the amount of a claim paid to a covered insured if the loss was caused by a third party.

Quick Links: | Income Insurance | Income Protection Insurance | Income Insurance For Self-employed | Income Insurance Quotes | Best Income Insurance Australia | Income Insurance For Employees | Income Insurance Comparison | Income Protection For Contractors | Temporary Income Protection | Income Replacement Insurance | Income Protection Policy
This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.
IMPORTANT: We act solely as an introducer and refer enquiries to licensed third-party brokers, insurers, and lenders. We do not provide financial product advice or credit assistance. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should independently verify the credentials and licensing of any adviser or provider you engage. Visit the ASIC website for further information.