Lawcovernotes December 2015

Lvl 13, 383 Kent St, Sydney NSW 2000 Australia DX 13013 Sydney Market Street Telephone (02) 9264 8855 | Facsimile (02) 9264 8844 | Lawcover Pty Ltd | ABN 48 003 326 618 Lawcover Insurance Pty Ltd | ABN 15 095 082 509 Welcome DECEMBER 2015 EDITION 8 Lawcover Annual Review Last month, we published the 2014/15 Annual Review. If you missed the email or would like to read the Annual Review, please use the link at the bottomof this page. While I am the first to acknowledge that corporate reviews and annual reports are not necessarily the most riveting form of literature, Lawcover is your organisation and we encourage you to understand how we have been performing on your behalf. One of our communication objectives is to engage with the profession in a manner which is useful, informative and transparent. Lawcovernotes is one method of that (and I hope this edition is no exception), the Annual Review is another and of course our Practice Support Services activities are probably our most visible and readily accessed form of communication. Improved performance As I have noted in previous communications, the Lawcover team has been working tirelessly over a three year period to be as efficient as we can be in running the business and effective in meeting the professions’ professional indemnity needs. Falling claims frequency, lower claims costs and better outcomes, more efficient workflows and a broadening of the reach of our risk management and claims prevention activities have all been the hallmarks of our efforts. Most importantly for law practices, lower premiums and the policyholder rebate have been the outcome. In recent discussions with our global reinsurance partners, I find that Lawcover’s performance is somewhat unique, given trends in rising incidence and costs of claims worldwide. That is immensely satisfying, as it indicates that the work we do on your behalf is achieving the high goals we have set. It also indicates that the work that you do is achieving a high satisfaction rate among your clients – lower frequency of claims is an effective measure of that. In preparing this edition of Lawcovernotes, I looked back at our second edition published two years ago to see how we were tracking. In that edition I said that “we continue to actively assess our internal work practices and to work closely with our legal Panel firms to developmore pro-active, efficient and cost-effective ways of managing and resolving claims. Through all our activities on behalf of the profession, our aim is to put downward pressure on frequency and cost of claims and as a consequence provide predictability and affordability to the premiums you pay.” Our results since then indicate that we are achieving those outcomes, something that is reflected in our increased financial strength together with better affordability of premiums. That is in no small part due to the profession itself and how it adopts good risk management practices. I trust you will find the enclosed articles of interest. Michael Halliday Chief Executive Officer PDF VERSION Welcome to the final edition of Lawcovernotes for 2015. Let me take this opportunity to wish seasons greetings to all principals, solicitors and staff of our insured law practices, from the Lawcover team. CLICK HERE TO VIEWA COPY OF THE ANNUAL REVIEW2014/15