Michael Young, CEO of Lexon Insurance, attributed the improved financial position to the profession's dedicated focus on risk management, resulting in consistently low claims costs. This financial health has enabled the society to pass meaningful savings directly to its members.
In addition to the levy reductions, several key innovations introduced in recent years will remain in place for 2026/27:
- A 7.5% No Claims Discount, benefiting over 93% of eligible practices.
- Relaxed claims loading thresholds, with loadings now applied only when a practice's loss ratio exceeds 100%, up from the previous 60%. Any annual loading is also capped at 4% of the expected claim cost.
- The reduced excess structure introduced last year.
The 15% Early Management Response (EMR) discount, subject to a $1,000 minimum and $40,000 maximum, continues as a core feature of the levy model, with more than 55% of practices currently participating.
Practices seeking additional protection beyond the standard $2 million per-claim limit can access optional top-up insurance through Lexon, with applications available via the QLS renewals portal.
QLS and Lexon have reaffirmed their commitment to maintaining broad and favourable policy terms, including:
- $2 million per claim in most cases.
- Unlimited number of claims.
- Innocent party protection.
- Free run-off cover.
These features underscore the scheme's intent to provide comprehensive, reliable protection for Queensland practitioners.
Please Note: If this information affects you or is relevant to your circumstances, seek advice from a licensed professional.
