Insurance premiums on the rise
Business insurance premiums are on the rise for printers, and the Print and Visual Communications Association (PVCA) wants to hear from you about it.
PVCA CEO Andrew Macaulay said the association had already been hearing from printers that their insurance premiums have been increasing significantly when they come up for renewal. Macaulay said PVCA aims to make a submission to the insurance industry about the premium increases for the print industry.
“We’re getting reports from across the country of significant premium increases with little notice,” he said.
“The increases are significant – up to 60 per cent. And, the insurance companies are suddenly writing pre-existing risks off their books, saying they can’t carry the risks.”
Several insurance brokers confirmed to Print21 that insurance rates are increasing for printers, and everyone, as the commercial general insurance market is hardening. This means there is a decreased capacity to take on risks worldwide.
Another factor that is increasing premiums is foreign exchange rates, according to the brokers. Because printing presses are manufactured overseas, the cost to replace them in Australian dollars has increased as the dollar has lost value against other currencies.
Also, the brokers noted that property insurance rates have been increasing for everyone.
“We would appreciate any information from industry members; your data will be dealt with anonymously,” he said. “We at the PVCA can play a third-party role in this issue, representing the industry so individual printers don’t have to put themselves at risk.”
PVCA is encouraging any printers who have experienced sudden increases in insurance premiums to contact them at email@example.com.