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Australian liability laws reform continues.
(From Insurance Day)
Byline: Mike Hanley
A MEETING of Australian federal and state insurance ministers on Friday announced a raft of continuing reforms to Australian liability laws and said that the government would formally market the country to international insurance markets.
The announcement came as the country's leading professional bodies were warning that increasing liability premiums and narrowing coverage were still threatening their members' livelihoods, despite a raft of reforms over the past couple of years.
But data from the Australian Consumer and Competition Commission (ACCC) released last week showed that legal reforms enacted in the last half of 2002 had a significant impact on the cost of claims and the increase in premiums, but that professional indemnity claims and premium levels were continuing to rise.
Senator Helen Coonan, the federal government treasury minister in charge of the insurance market reforms, announced last Friday that the government would continue its programme including: setting up a long-term care scheme for the catastrophically injured; establishing medical assessment panels to assess the extent of injury and streamline compensation ...
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