All Physiotherapists in Australia needed Professional Indemnity (PI) insurance as part of their AHPRA registration. And for those who shopped around for the best price, Physiobase/Physiosure seemed to always get the win with their offering from CGU insurance!
Physiosure offered Professional Indemnity insurance through IAG, better known as CGU, and seemed to be 30-40% cheaper than comparable policies with AON or Guild.
Then, this:
“Unfortunately, following regulatory changes in the insurance industry, from 01-Jul-2022 Physiobase / Physiosure is no longer able to offer insurance cover on behalf of the Insurer (IAG trading as CGU Insurance) and regret that we will be unable to offer renewal of your policy on the date noted above and you will have to make alternative arrangements to ensure ongoing coverage.”
Email from admin@physiosure.com
All policy holders got this email with their renewal notice. It brings the disappointing news that regulatory changes have killed competition in the industry and we’re back to paying higher premiums. Those regulatory changes also put a stop to policies from GIO and other insurers.
That news leaves us with two big players: Guild Insurance (who partner with APA) and AON. You’ve still got the option to go through a broker but it adds some extra leg work for you.