The Changing Face of Medical Indemnity Insurance

Audio: spoken by Stephen Somogyi at Invivo's launch in Victoria,
24 May 2007

Who is Stephen Somogyi? Stephen was one of the three highly-credentialed individuals chosen by Peter Costello to lead a revamped prudential regulator, APRA, after the insurance crisis of 2001-02. Stephen's extensive experience of the financial and healthcare industries includes over 27 years at National Mutual, where he held several senior positions, so he is well placed to understand competitive insurance markets. Stephen is now Vice President, Resources and Chief Operating Officer at RMIT.

Stephen's speech begins with an overview of the medical indemnity insurance market and how it has changed over the last five years. He details the roles of the ACCC and APRA in regulating the industry and explains the origin of the Premium Support Scheme (PSS), Exceptional Claims Scheme (ECS), Run-Off Cover Scheme (ROCS) and others. The current state of play is covered, in addition to the impact of Invivo's entrance into the market in partnership with QBE.

You can download Stephen's speech in MP3 format.

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