Professional Indemnity Insurance

The IPU is aware that Arachas Insurance has been contacting members who hold their Professional Indemnity Scheme insurance (underwritten by Allianz) and asking them to provide the following details:

• Dispensed Items Turnover; and
• Total Primary Care Reimbursement Scheme payments received.

Last week we held a meeting with Arachas where they advised that the information is required as Allianz plans to move from a system of community rating for the scheme (which they advise is uncommon in current insurance practice) to one where a differential risk rating is applied based on the level of dispensing activity of the pharmacy.

The IPU has raised a number of concerns with Arachas in relation to this new approach and the method in which it was communicated to our members. We have also sought further clarification on a number of issues including the basis of the risk assessment, the potential impacts for members and the exploration of alternative options. Arachas advised that they will raise our concerns with Allianz, will send a further communication to members clarifying some of the concerns raised and that they will revert with answers to our queries.

As of yet, we have not received a response to our queries. We will keep you updated.