PI and PL continue to drop

New figures show professional indemnity and public liability premiums have fallen substantially for the 10th year in a row, with average premiums now vastly lower than they were in 2004.

According to new statistics from APRA, the average PI premium last year was $2303, down from $2511 the year before and roughly 50% lower than they were a decade ago, even before inflation is taken into account.

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Although still falling, public liability premiums have stabilised in comparison. Last year’s average PL premium was $705, down well over a third in the past decade.

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