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Word Count: 245
Microeconomic policy issue A clear point has been made in the article that professional indemnity insurance premiums are raising dramatically The Western Australia government is aiming at reducing insurance premiums by the introduction of proportionate liability The WA government has influenced the outcome of insurance premiums policy made by the insurance companies to ensure that premiums are best and reasonable for these insurers If the premiums were only controlled at the hands of these insurance companies it would bring a public liability crisis to these insurers If this happens it will not be good news to the economy as that it will be affecting the income distribution of normal households But the government has stepped up for insurers helping them in their best interest to reduce the premiums On the other hand the Queensland government has introduced a different method of reducing insurance premiums Instead of reform the law it gave a 500000 dollars threshold for proportionate liability There are two types of statements in this article which are positive statement and normative statement One example of positive statement is In all claims where defendants are found to be at fault they will be liable for only the proportion of harm they caused rather than be potentially liable for the plaintiffs entire loss A normative statement can be demonstrated by People who are found to be 10 percent negligent in relation to economic loss should only be responsible for 10 percent of the damage
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