find the latest legal job
Part Time Risk & Compliance Officer
Category: Other | Location: Brisbane QLD 4000
· Brisbane City · Flexible Part Time Hours
View details
Infrastructure Lawyer/SA
Category: Construction Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Global elite law firm · Dedicated Infrastructure team
View details
Property Lawyer
Category: Property Law | Location: All Melbourne VIC
· 12 Month Contract · Diverse Work
View details
Family Lawyer
Category: Family Law | Location: Eastern Suburbs Melbourne VIC
· Boutique Firm · Great Reputation
View details
Infrastructure Lawyers
Category: Construction Law | Location: All Perth WA
· We'd be particularly interested to hear from you if you were a lawyer who knows your way around the infrastructure and energy sectors.
View details
Insurers beg lawyers to be patient

Insurers beg lawyers to be patient

AS LAWYERS push for less stringent liability reforms, the peak insurance body in Australia is telling them to be patient, arguing that the real impact of the reforms is yet to be fully seen.The…

AS LAWYERS push for less stringent liability reforms, the peak insurance body in Australia is telling them to be patient, arguing that the real impact of the reforms is yet to be fully seen.

The Insurance Council of Australia (ICA) has announced that any changes to tort reform would be “short-sighted and not in the community’s best interests”.

It said late last week that it would be “too soon and too dangerous” to make changes when the legislation reform program is not finished.

“There has not been enough time for the reforms to work their way through the legal system,” ICA executive director Alan Mason said.

According to the ICA, the legal profession is aware of the time it takes for the impact of reforms to become clear. But the profession “seems to be ignoring their experience in this case”, Mason said.

“Any premature move to roll back these changes and the resulting uncertainties would again create doubt in insurers’ minds and lead to disruption in the market,” he said.

Mason acknowledged that market factors, such as the impact of the September 11 attacks on insurers’ capital and the collapse of HIH, both in 2001, had some impact on public liability. The trend for significant increases in claims, however, had started well before those events and was the main reason for the deterioration of the market.

“Not surprisingly, companies responded to these losses by increasing their premium or withdrawing from the market. As a consequence, businesses, community and sporting groups faced significant increases in their premiums or found it difficult to obtain cover at all,” Mason said.

Mason added that it was inaccurate to suggest that recent healthy profits were due to reforms to public liability.

“APRA statistics for September 2003 show public liability represents just 6.7 per cent of insurers’ total revenue. People who are suggesting that insurers have built their profits on the back of tort reform need to look at these figures.”

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

Insurers beg lawyers to be patient
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Nov 17 2017
It's time for politicians to commit to eradicating domestic violence
The national shame of domestic violence cannot be left unaddressed, writes Christine Smyth. ...
Nov 16 2017
From lawyer in law firm to senior governance professional
Promoted by Governance Institute of Australia As a law graduate, Kate Griffiths never imagined...
marriage equality
Nov 16 2017
Legislation the next hurdle for marriage equality
Lawyers have underscored the importance of ensuring same-sex marriage legislation does not limit ant...
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'...
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...
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 & ...