House of Assembly: Tuesday, September 06, 2022

Contents

Builders Indemnity Insurance Fund

In reply to Mr COWDREY (Colton) ((17 June 2022).). (Estimates Committee B)

The Hon. S.C. MULLIGHAN (Lee—Treasurer): I have been advised:

1. The average premium for builders per project under the building indemnity insurance fund in 2021-22 was $1,101.31. A breakdown by business size is provided below.

Builder Size (Turnover) Average Premium Per Project
Above $10m $856.70
$5m—$10m $1,709.49
$2m—$5m $1,560.55
Up to $2m $1,096.43


The average premium for builders per project in 2022-23 is expected to be $1,118.69.

2. A total of 13,124 policies were written for the 2021-22 financial year.

3. It is projected that 10,000 policies will be written for the 2022-23 financial year.