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

CHU Introduces Cyber Coverage in Residential Strata Insurance
CHU Introduces Cyber Coverage in Residential Strata Insurance
14 May 2026: Paige Estritori
In response to the escalating cyber threats targeting strata communities, CHU Underwriting Agencies has expanded its residential strata insurance policies to include cyber protection. This enhancement provides coverage of up to $50,000 for losses resulting from social engineering fraud, a prevalent form of cybercrime where perpetrators impersonate trusted contacts to manipulate payment instructions. - read more
CHU Expands Strata Insurance Capacity to Support Larger Developments
CHU Expands Strata Insurance Capacity to Support Larger Developments
14 May 2026: Paige Estritori
CHU Underwriting Agencies has announced a significant increase in its single risk capacity, raising the limit to $690 million from the previous $300 million. This substantial enhancement enables CHU to better support larger residential and commercial strata developments across Australia. - read more
CHU's 2025 Report Shows Stability in Strata Insurance Premiums Amid Climate and Regulatory Shifts
CHU's 2025 Report Shows Stability in Strata Insurance Premiums Amid Climate and Regulatory Shifts
14 May 2026: Paige Estritori
CHU, Australia's leading strata insurance underwriting agency, has released its 2025 State of the Strata Market report, providing a comprehensive analysis of the current state of the industry. The report offers valuable insights into premium movements, the impact of weather events, regulatory developments, and emerging risks affecting strata insurance. - read more
ACCC Deepens Investigation into IAG's Proposed RAC Insurance Acquisition
ACCC Deepens Investigation into IAG's Proposed RAC Insurance Acquisition
14 May 2026: Paige Estritori
The Australian Competition and Consumer Commission (ACCC) has intensified its examination of Insurance Australia Group's (IAG) proposed acquisition of RAC Insurance, moving the process into a Phase 2 review. This decision underscores the regulator's concerns about the potential impact on competition within Western Australia's insurance market. - read more
Premium Affordability Emerges as Leading Concern for Australian Insurers in 2026
Premium Affordability Emerges as Leading Concern for Australian Insurers in 2026
14 May 2026: Paige Estritori
As 2026 unfolds, Australian insurers have identified premium affordability as the foremost risk facing the industry. This shift in priority reflects the mounting pressures from inflation, escalating climate-related losses, and stringent regulatory requirements. - read more
Click for more Insurance News


Life Insurance Articles

Why Income Protection Insurance Is Essential for Australians
Why Income Protection Insurance Is Essential for Australians
Income protection insurance is a type of personal insurance that provides financial support if you are unable to work due to illness or injury. It ensures that you continue to receive a portion of your income, helping you manage daily expenses and financial commitments during recovery. - read more
How to Avoid Common Mistakes When Filing an Insurance Claim
How to Avoid Common Mistakes When Filing an Insurance Claim
Filing an insurance claim in Australia can be a daunting process, especially if you are not familiar with the necessary steps and requirements. Claiming insurance is crucial when you need financial support, whether due to a natural disaster, accident, or another unexpected event. - read more
How to Compare Income Protection Policies When You Have a Medical History
How to Compare Income Protection Policies When You Have a Medical History
In today's ever-changing world, financial security is a cornerstone of peace of mind, particularly for Australians grappling with medical histories. Income protection insurance emerges as a pivotal solution, safeguarding not only the individual’s fiscal health but the well-being of their dependents. This introduction explores the nuances of income protection insurance and its particular significance for those with pre-existing medical conditions. - read more
From Illness to Injury: Understanding the Scope of Income Protection Insurance
From Illness to Injury: Understanding the Scope of Income Protection Insurance
In the uncertain times we face today, where both health and economic climates are unpredictable, safeguarding your financial stability becomes paramount. This is where income protection insurance steps in as an essential safety net. For many Australian families, it's the buffer that ensures life's financial commitments are met, even when ability to work is compromised. - read more
Combining Financial Security and Affordability: Income Protection for Australians Explained
Combining Financial Security and Affordability: Income Protection for Australians Explained
Financial security is a cornerstone of peace of mind, particularly when life is known for its unpredictability. This introductory section sheds light on the vital nature of income protection insurance and its role in safeguarding Australians' financial well-being. Ensuring continual financial inflow during times of illness or injury not only offers stability but also protects one's standard of living. - read more

Knowledgebase
Subrogation:
The process by which an insurance company seeks to recover the amount paid to the policyholder from a third party responsible for the loss.

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.