indemnity insurance

The insurance industry market updates in 2010 will have a major impact for those professions who hold Professional Indemnity Insurance in Australia. 2009 hinted to a returning hard market in all areas of insurance with numerous losses reported and profitability being offset by minor premium increases, with more predicted in the coming years. A JP Morgan report indicated a return of a hard market with fewer insurers out there. Also, increased claims which are hiking premiums for Professional Indemnity Insurance with increases not seen since the 2001 market debacle.

A question frequently asked by consumers is ‘What limit of Professional Indemnity insurance do I need?’ While this is a difficult question to answer, there are some guidelines that you can use when making your decision.