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.
Alongside this product launch, the company has announced key appointments to strengthen its team.
The PPL insurance product will be managed by Daniel Malic (pictured, left), who has been appointed as the national general liability manager. Supporting him in this role is Janelle Ferraro (pictured, right), who joins the team as general liability underwriter.
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.
FTA Insurance has rolled out its new stand-alone PPL insurance offering amid soaring costs facing Australia’s public liability and professional indemnity sector.
The Australian Prudential Regulation Authority’s (APRA) latest National Claims and Policies Database (NCPD) statistics revealed a steady rise in the costs of professional indemnity (PI) and PPL insurance.
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.
