Income Insurance Australia

... helping Australians to secure a prosperous future

Income Insurance Australia :: News

Share this news item!

Medical Professional Coverage Costs Under Scrutiny

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Amid rising concerns, the Australian Medical Association (AMA) has flagged the escalating expenses associated with indemnity insurance premiums as a serious issue that demands attention.

Following a heated discussion at a recent national conference held on the Gold Coast, the AMA and its New South Wales branch convened with a number of medical defence organisations to tackle this pressing matter.

During these meetings, participants delved into changes in healthcare delivery and the evolving scopes of medical practice-factors contributing significantly to the rising costs within the medical indemnity sector.

According to a statement published on the AMA’s website, the Medical Defence Organisations (MDOs), which largely operate as member-based mutual entities, acknowledged the industry's growing unease. They shared global insurance market trends and emphasized the importance of maintaining open communication and collaborative efforts with the AMA to address systemic policy issues. Despite the need for cooperation, the constraints of competition law were noted as a limiting factor.

The organizations represented at the meeting included key industry players such as Avant, MDA National, Medical Indemnity Protection Society, MIGA, and Tego.

In its latest report, Avant informed Insurance News that their average rate increments have managed to remain below inflation for several renewal periods. Nevertheless, certain specialized fields have experienced sharp double-digit rate hikes due to specific claim frequencies and severities, affecting less than 1% of their membership.

Published:Wednesday, 4th Sep 2024
Source: Paige Estritori

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

Share this news item:

Insurance News

Businesses Advocate for Reforms Amid Rising Insurance Premiums

01 Dec 2025: Paige Estritori

The Australian Chamber of Commerce and Industry, in collaboration with the Insurance Council of Australia, has released a report highlighting the urgent need for coordinated reforms to address the escalating insurance premiums affecting small and medium-sized enterprises (SMEs). The report underscores that soaring premiums are compelling many SMEs, including beauty salons, to either forgo insurance or reduce coverage, posing significant risks to their operations. - read more

AFCA Determines Home-Based Waxing Salon Is a Business

01 Dec 2025: Paige Estritori

The Australian Financial Complaints Authority (AFCA) recently ruled that a home-based waxing salon operated by a Suncorp customer constitutes a business, not merely a hobby. This decision has significant implications for beauticians managing home-based operations, particularly concerning insurance disclosures and compliance. - read more

ASIC Announces 2025 Focus on Insurance Pricing and Claims Handling

01 Dec 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has unveiled its enforcement priorities for 2025, placing a significant emphasis on insurance pricing practices, claims handling, and complaints processes. This initiative aims to enhance consumer protection and ensure fair practices within the insurance industry. - read more

WFI Insurance's $250,000 Donation Supports Flood-Affected Queensland Farmers

30 Nov 2025: Paige Estritori

In response to the catastrophic flooding that has devastated parts of western Queensland, WFI Insurance has stepped forward with a substantial donation of $250,000 to Rural Aid. This contribution is aimed at bolstering relief efforts for farming communities grappling with the aftermath of the region's most severe floods in half a century. - read more

AFCA Supports Significant Home Insurance Premium Increase Based on Updated Flood Risk Assessment

30 Nov 2025: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has recently upheld a substantial increase in home insurance premiums for a property, attributing the rise to updated assessments of flood risk. This decision underscores the critical role of accurate risk evaluation in determining insurance costs and the necessity for property owners to stay informed about potential changes in their risk profiles. - read more

Click for more Insurance News

Life Insurance Articles

Income Protection Insurance: Balancing Cost with Adequate Coverage

Income protection insurance is a critical safety net for anyone who relies on a steady paycheck to meet their financial obligations and maintain their lifestyle. It offers a replacement income if you are unable to work due to illness or injury, ensuring that your financial responsibilities can be met even when you're not at your earning best. In today's fast-paced world, income protection has become an essential consideration for the modern working individual. - read more

Comparing Income Protection Policies: What Australians Should Look For

Income protection insurance serves as a financial safety net for countless Australians, offering a replacement income when unforeseen circumstances such as illness or injury impede their ability to earn. For the self-employed and entrepreneurs who may not have the safety nets offered by corporate employment, such protection is particularly important. - read more

Income Protection Insurance vs. Total Permanent Disability: What’s the Difference?

When life throws unexpected challenges your way, being financially prepared can make all the difference. This is where Income Protection Insurance and Total Permanent Disability (TPD) Insurance come into play. These two types of insurance provide a crucial safety net, ensuring that you and your family remain financially stable even when you're unable to work due to illness or injury. - read more

How Income Protection Insurance Can Safeguard Your Financial Future

Income protection insurance is a type of insurance policy designed to replace a portion of your income if you are unable to work due to illness or injury. This financial safety net can help cover essential living expenses, such as mortgage repayments, utility bills, and daily costs, ensuring you maintain your standard of living during tough times. - read more

Why Every Australian Entrepreneur Needs Income Protection Insurance

Entrepreneurship in Australia - a landscape overview: The allure of entrepreneurship in Australia is undeniable, with the promise of innovation, personal autonomy, and potentially limitless earnings. However, the path of an entrepreneur is often unpaved and unpredictable. Without the safety nets traditionally provided by corporate employment, Australian entrepreneurs must proactively safeguard their personal finances against the capricious winds of business fortune. - read more

Start Here !

Apply now for your free Insurance assessment and price comparisons!

This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.

IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.