Draft:Tego Insurance
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| Company type | Underwriting agency |
|---|---|
| Industry | Medical indemnity insurance |
| Founded | 2015 |
| Headquarters | Sydney, Australia |
Area served | Australia |
| Products | Medical malpractice insurance, Professional indemnity insurance |
| Services | Coverholder for Lloyd's of London |
Tego Insurance is an Australian medical indemnity insurance provider based in Sydney. It operates as a specialised underwriting agency and is a coverholder for Lloyd's of London.[1]
The company provides medical malpractice and professional indemnity insurance to doctors, medical centres, allied health professionals, and healthcare organisations (including aged care and disability service providers).
History
[edit | edit source]Tego was established in 2015 and officially launched in the Australian market in early 2016. Its entry was notable for marking the first major commercial challenge to the doctor-owned mutual organisations (such as Avant, MIGA, and MDA National) in over a decade.[2]
Upon launching, the company positioned itself as a commercial alternative to these mutuals, originally leveraging the capital strength of Berkshire Hathaway Specialty Insurance.[3]
Regulatory Commentary
[edit | edit source]Following Tego's entry into the market in 2016, industry commentators and competitors raised questions regarding "competitive neutrality" in the sector. Existing medical defence organisations (MDOs) argued that Tego held a competitive advantage because, unlike MDOs, it was not initially bound by the "insurer of last resort" obligations or the requirement to provide universal cover to all doctors regardless of risk profile.[3]
In 2016, the Australian Medical Association (AMA) noted that while Tego offered new competition, previous commercial insurers had struggled to maintain long-term presence in the Australian market against the established mutuals.[2]
Product Expansion
[edit | edit source]In 2022, following the Royal Commission into Aged Care Quality and Safety, the company expanded its portfolio to include liability insurance for the aged care and disability sectors. This move was reported as filling a market gap left by other insurers who had exited the sector due to high claim risks.[4]
References
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