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Recent market pricing reviews and wholesaler reinsurance discussions show that Individual Pharmacist Professional Indemnity Insurance Premiums have been increasing approximately in line with inflation and there are no major price rises projected for 2023.
In November 2022 the Pharmaceutical Society of Australia (PSA)announced their PI insurance plan will be discontinued after less than 2 years since the product’s launch. This decision seems largely due to advice the PSA received from their insurance provider – BMS Risk Solutions that they were unable to place PSA’s PI insurance in the coming term. This means clients will need to find a new provider.
If you are looking for a new provider, I encourage you to contact a few. This will allow you to compare how attentive they are on the phone and how responsive they are to emails. Be sure to ask how much they charge and what they provide and make a choice that best meets you needs this year.
Giuseppe Carollo
Head of Carollo Horton
