A{RA defends proposal

THE Australian Prudential Regulation Authority says raising premiums for professional indemnity insurance is essential to secure the prudential safety of the insurance industry. APRA has denied any suggestion of profiteering by insurance companies. APRA head of enforcement Darryl Roberts said insurers were losing money on the professional indemnity product.

“For every $100 of premium received for professional indemnity insurance, the industry is paying out over $145 in claims and expenses,” he said.

“This level of underwriting loss is simply unsustainable and must be reversed if the insurance industry is to remain adequately capitalised into the future.”

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