Medical Professional Coverage Costs Under Scrutiny
Medical Professional Coverage Costs Under Scrutiny
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.
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.
Quay Marine Insurance has been appointed as a Coverholder for XL Insurance Company SE (XLICSE), a subsidiary of AXA XL, marking a significant milestone in its mission to provide tailored marine insurance solutions across Australia. - read more
Insurance Australia Group (IAG) has reached a confidential settlement in the $4 billion lawsuit initiated by Greensill Bank AG and its insolvency administrator. This legal action stemmed from disputes over insurance coverage related to Greensill's financial products. - read more
A recent analysis by Macquarie has revealed a significant decline in the domestic business package market share held by Australian insurers, dropping to approximately 48% in the fiscal year 2025 from nearly 67% a decade ago. - read more
Suncorp has successfully secured up to AU$2.4 billion in reinsurance protection over five years, leading to a significant 10% increase in its share value. This strategic move is expected to bolster the company's fiscal 2026 growth outlook, with projected gross written premium growth of 3% across its Australia and New Zealand operations. The reinsurance arrangement, effective from June 30, is designed to cap natural hazard costs in approximately 90% of scenarios, thereby reducing earnings volatility. - read more
The Australian cosmetic nursing industry has experienced significant growth, driven by increasing demand for non-surgical cosmetic procedures such as injectables and skin treatments. This expansion has led to heightened scrutiny and the implementation of new regulations aimed at ensuring patient safety and professional accountability. - read more
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
When life takes an unexpected turn, whether due to illness, injury, or other unforeseen events, the financial repercussions can be devastating. This is where income protection insurance becomes an essential component of maintaining financial stability. Income protection insurance acts as a safety net, ensuring that even in times of hardship, your financial obligations can be met, and your standard of living maintained. - read more
In the face of life's unpredictable twists and turns, few things are as disconcerting as the possibility of suddenly losing your ability to earn an income due to illness. Such events are often unexpected and can have significant financial repercussions that interrupt not only your flow of daily life but also compromise your future plans. - read more
Income protection insurance is a safeguard that provides individuals with financial stability in the event they are unable to work due to illness or injury. This type of insurance typically replaces a significant percentage of the insured's income, ensuring that their financial commitments can still be met during periods when they cannot earn an income through employment. - read more
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
Knowledgebase
Policyholder: The individual or entity who owns the insurance policy.
No comments yet. Be the first to share your thoughts.