Fed: Professional indemnity latest crisis for insurance sector

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Fed: Professional indemnity latest crisis for insurance sector

Accountants say escalating professional indemnity premiums could be the next crisisto hit the insurance industry.

The Institute of Chartered Accountants' ACT manager, PHILIP BUTLER, says some membershave reported premium rises of 100 to 200 per cent.

All accountants in public practice require indemnity insurance.

Mr BUTLER has told ABC radio one concern, particularly for members in the audit field,is that some of the larger amounts to be insured for are becoming unobtainable.

The federal government held a crisis meeting of senior state ministers last week totackle the growing public liability insurance problem.

And it's called a forum this month to deal with medical indemnity insurance.

AAP RTV so/daw/jmt/rt

KEYWORD: INDEMNITY (CANBERRA)