The Insurance Council of Australia’s report released at the end of 2009, indicates that the cost of public liability insurance premiums have dropped 27% in the five years to 2008 while the number of policies written has increased by more than 20%.
Across all the Australian states, public liability insurance premiums fell from an average of $1,032 in 2003 to $752 in 2008 which is a decline of 27 per cent.
Overall the decrease in public liability insurance premium costs mirrored the increase in the number of policies written: just as the number of policies written recorded their largest increases in 2003 and 2004, average premiums recorded their largest falls in the 2003 and 2004 period with the rate of decline slowing over subsequent years.
The Industry in Focus data has been sourced from the National Claims and Policy Database (NCPD) and collected by the Australian Prudential Regulation Authority (APRA) over five years.
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