CGU Warn Of Rise In Liability Insurance Premiums

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One of Australia’s largest business insurers CGU has told ABC that Reserve Bank’s rate reduction will cause public liability insurance rates to rise, chief executive Peter Harmer “When interest rates fall, obviously investment returns reduce and, therefore, the original premium to the client needs to go up,” he said. “For example, the fall in the cash rate since November 2011 of 150 basis points would have required a rise in liability insurance premiums of some 8 per cent to offset the reduction in the investment return.”

CGU is part of Insurance Australia Group (IAG)

 

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