AFSL licensee groups and self-licensed practices have experienced a significant deterioration in the local PI insurance market over recent years, to the point that it is verging on dysfunctional.
Major insurers who were previously very active have exited the local market altogether. Premiums have doubled and doubled again over the past ten years; and (moreover) policy terms are becoming onerous as the remaining players take advantage of the supply/demand imbalance.
The lack of depth in the local market is making it difficult for underwriters to establish balanced risk books – and in turn making it uncommercial for the insured in many cases.
Single event deductibles are increasing; in some cases, significant buffer excesses are being demanded; and insurers are seeking to re-read policy terms when claims do arise in an effort to deny indemnity and limit loses.
Let our team of experienced financial services executives who collectively have decades of experience in PI submission preparation and presentations to underwriters within both boutique self-licensed and large licensee group environments help save you time and money.
We can work with your existing broker, or help you choose and appoint a broker from a network of options to suit your specific circumstances.
Whilst costs will vary depending on the complexity of your licence or practice, you’ll have the confidence of knowing your total costs up front thanks to our fixed price engagement terms.
Our PI submission and negotiation services are available to boutique licensees and self-licensed practices on a user pays model.Discover more today