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.
Australia’s engineered stone ban and continuing regulator focus on silica exposure are more than a workplace safety issue for builders, renovators, tilers, stonemasons, plumbers, electricians and demolition contractors. They also create a practical insurance checkpoint for any trade business that cuts, drills, grinds, removes or works around dust-generating materials. - read more
Fresh industry attention on insurance affordability is more than a household budget story. For Australian tradespeople, rising premiums, higher repair costs and uneven disaster exposure can flow directly into how clients fund work, how projects are scoped and how small trade businesses protect their own equipment, vehicles and liability risks. - read more
Fresh attention on New South Wales workers compensation pricing is a timely reminder that insurance costs are not moving evenly across Australia. While some trade employers in other states have recently gained breathing room, NSW businesses are still operating in a market where scheme sustainability, claims duration and workplace injury trends remain under scrutiny. - read more
Workers' compensation insurance is a form of insurance that provides financial protection for businesses and their employees in the event of workplace injuries or illnesses. It ensures that workers receive the necessary medical treatment and compensation for lost wages if they are hurt on the job. - read more
Specialized insurance for tradespeople is a form of tailored insurance coverage designed specifically to meet the unique needs and risks that professionals in various trades encounter. This includes trades such as electricians, plumbers, carpenters, and other similar occupations. - read more
Preventing injuries in the workplace is essential for ensuring the safety and well-being of employees. It also plays a critical role in maintaining a productive and efficient working environment. When workers are safe, they are more likely to remain healthy, motivated, and engaged with their tasks. - read more
Knowledgebase
Double Indemnity: A clause or provision in a life insurance policy that doubles the payout in cases of accidental death.
No comments yet. Be the first to share your thoughts.