FTA Insurance expands portfolio with new public and products liability offering
FTA Insurance expands portfolio with new public and products liability offering | Insurance Business Australia
Insurance News
FTA Insurance expands portfolio with new public and products liability offering
Product caters to broad range of industries
Insurance News
By
Roxanne Libatique
FTA Insurance has launched a new stand-alone public and products liability (PPL) insurance product, expanding its portfolio to better serve its network of brokers.
FTA Insurance’s new PPL product offers coverage limits of up to $20 million and is designed to accommodate a broad range of industries. The company has identified preferred sectors such as labour hire, manufacturing, wholesale, retail, property ownership, real estate, agriculture, and transport.
FTA Insurance’s public and products liability insurance team
Alongside this product launch, the company has announced key appointments to strengthen its team.
Both Malic and Ferraro bring extensive experience in the general liability market, equipping them to provide brokers with tailored advice and coverage solutions.
Christian Garling, managing director of FTA Insurance, highlighted the significance of this development.
“This is a great step for FTA Insurance, demonstrating our commitment to providing comprehensive solutions to our brokers and a supportive culture that attracts the best people,” he said.
The launch and appointments align with FTA Insurance’s strategy to offer comprehensive and reliable insurance products.
“Brokers and their clients can expect a fast turnaround on quotes, superior service, and guidance, as well as a product designed to provide peace of mind in an ever-changing risk environment,” the company said.
Public liability and professional indemnity market in Australia
FTA Insurance has rolled out its new stand-alone PPL insurance offering amid soaring costs facing Australia’s public liability and professional indemnity sector.
According to the NCPD data, public liability insurance premiums have climbed by 40% since 2015, driven in large part by a growing number of claims. The report highlighted that bodily injury claims, especially those linked to workplace incidents and falls, have played a major role in pushing up costs, with the average finalised claim size increasing by 5.5% per year since 2013.
Professional indemnity insurance has also experienced a rise in premiums, up 27% since 2015, with large and corporate entities facing the most significant increases. While overall claims costs have remained relatively stable, recent trends indicate a rise in incurred costs.
Directors and officers (D&O) insurance premiums have also been on the rise, particularly due to an increase in large claims related to shareholder class actions. The frequency of large D&O claims, those exceeding $1 million, has almost tripled in recent years.
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