find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Premiums trend reversed: ACCC

Premiums trend reversed: ACCC

THE FULL impact of nationwide tort law reform is only now being felt, with trends being countered by a downward movement in premiums, according to a consumer watchdog report.The Australian…

THE FULL impact of nationwide tort law reform is only now being felt, with trends being countered by a downward movement in premiums, according to a consumer watchdog report.

The Australian Competition and Consumer Commission’s (ACCC’s) fourth report monitoring public liability and professional indemnity insurance costs and premiums, issued on 18 February, reveals that in the first half of 2004, the average public liability insurance premium fell by 15 per cent. Average claims costs decreased by 11 per cent, and insurers’ financial performance from underwriting public liability insurance declined.

“This is the first sign of a downward movement in premiums,” said ACCC chairman Graeme Samuel. “These outcomes are counter to the trends observed in recent years, and could have been caused by a range of factors, including tort law reforms.”

There was a spike in the number of claims leading up to the tort reforms, said Samuel. ACCC data that analysed the number of personal injury writs served in Victoria and the number of civil claims lodged in New South Wales suggest claimants rushed to file claims with the courts before the reforms.

According to Samuel, these results suggest claims that ordinarily would have been filed in 2003 and 2004 were brought forward in 2002. “As a result, the net effect of reforms on the number of claims filed will only become evident over the next few years,” he said.

The previous trend was also reversed in professional indemnity insurance. The report found that the average premium had fallen by 17 per cent in the six months leading to 30 June 2004, despite average claims costs increasing by 21 per cent.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Premiums trend reversed: ACCC
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...