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Brokers could foot the bill as insurers look to cover themselves from the worsening economic environment by increasing premiums on professional indemnity insurance.
According to The Australian Financial Review, businesses are facing double digit increases in indemnity insurance premiums as insurers prepare for a surge in negligence claims as a result of the economic downturn.
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Ross Castle, general manager of market services at AON Risk Services Australia, said the risk profile was particularly high for financial advisers, but would also extend to mortgage brokers, property valuers and other businesses directly impacted by the recession.
He said most insurers were pushing for premium increases of around 7.5 per cent but he expected this to increase as the year went on.
