APRA Data Shows Stability in Professional Indemnity Claims Amid Declining Premiums

Insights into the Evolving Landscape of Professional Indemnity Insurance in Australia

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The Australian Prudential Regulation Authority (APRA) has released its latest National Claims and Policies Database (NCPD) report, providing insights into the professional indemnity (PI) insurance sector.

The data indicates that while claims payments for non-facility business remained relatively stable at $1.111 billion in the 2022 underwriting year, there was a notable 6% decline in gross written premiums, which fell to $2.775 billion from the previous year's $2.954 billion.

This trend suggests a shift in the PI insurance market, where insurers are experiencing stable claims costs but are collecting less in premiums. The decrease in gross written premiums may be attributed to increased competition among insurers, leading to more competitive pricing, or a reduction in the number of policies written.

For businesses seeking professional indemnity insurance, this development could signal an opportunity to secure coverage at more favorable rates. However, it's essential for businesses to carefully assess their coverage needs and ensure that any cost savings do not come at the expense of adequate protection.

APRA's data also highlights the importance of ongoing monitoring of the insurance market to understand emerging trends and their potential impact on businesses. As the landscape evolves, staying informed will be crucial for businesses to make informed decisions about their insurance needs.

Published:Tuesday, 4th Nov 2025
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

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Indemnity:
A legal principle that stipulates that insurance policies should restore the insured to the financial position they were in before the loss.

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