The Australian Government today issued the Australian Competition and Consumer Commission report monitoring medical indemnity insurance premiums, Medical indemnity insurance—fifth monitoring report—April 2008.
The report is the fifth to be produced in response to the Australian Government's announcement in October 2002 that the ACCC would monitor medical indemnity premiums to assess whether they are actuarially and commercially justified.
The report found that the premiums written in 2007–08 (2007 in the case of Australasian Medical Insurance Limited and QBE Insurance (Australia) Limited) were considered to be both actuarially and commercially justified for all six medical indemnity insurers.
The report also examined the actuarial and commercial justification of premiums within each jurisdiction and found that, based on the information available, jurisdictional relativities were justified.
The report will be available from the ACCC's website.