It’s hard to believe, but another year has gone by and it’s time for renewal again.
Members would have received their renewal package by now.
In prior Bulletins we have communicated the Federal Government’s change to the High Cost Claim Scheme threshold which has the effect of increasing the cost of claims to all insurers from 1 July 2018¹.
Premiums have increased by a small amount this year to cover the additional costs of these claims. However, the good news for you as a member is that given the Group’s strong capital position, this year we have absorbed the impact of inflation that would generally also lead to increasing premiums.
This is one of the benefits of belonging to a mutual insurance company. Our philosophy as a mutual revolves around personal care, support, quality service and expert advice. Not being profit driven enables us to employ excess capital for the benefit of members, rather than being focused on returns to shareholders.
Importantly from the perspective of our Boards, absorbing the impact of inflation on your premium supports our strategy to maintain stability in premiums for you.
Being part of a mutual
As a doctor-owned mutual, we are dedicated to serving the needs of the medical profession. We operate on the basis of a very different set of guiding principles than a commercial insurer. This has positive impacts for how we run our business for your benefit, and how we approach the services we offer to support your practice:
Run by our doctor members for the benefit of members, putting people before profit.
Not for profit
Surpluses are directed to maintaining our financial strength and security, offering affordable insurance and delivering additional services to support your practice.
Supporting members and the profession
We provide an extensive range of support services to our members.
Focused on service
Always captures our commitment to reliability, professionalism, expert advice and being available to you when you need us.
Community and common purpose
In our fast paced and ever changing world, individuals may increasingly feel more isolated. There is a very real movement across the globe of people looking for connectedness, a sense of community and common purpose. In this environment our ‘mutual’ business model is arguably more relevant and more important than at any time in the past.
With our heritage, experience and track record of supporting doctors for more than 118 years, we look forward to continuing to support you as a member of MIGA and being there for you now, and when you need us most.