WA Government Announces 40% Indemnity Insurance Premium Hike
The WA Government has announced there will soon be a 40% increase in Builders Indemnity Insurance premiums. Following advice from the Economic Regulation Authority and insurers that the current premiums are unsustainable, premiums will need to rise by 40% in the new year to reflect the true cost of providing the cover to consumers.
QBE Insurance (Australia) Limited and Calliden Insurance Limited will continue to provide home indemnity insurance to the WA market after 1 November 2013 under a transitional arrangement that is based on a model already operating successfully in other states such as South Australia where the State bears the full insurance risk.
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