Greenslips Blog

As at June 1998, there were 13 insurers licensed to issue greenslips in NSW. Today there are 7 licensed insurers.

The licensed insurers are AAMI, Allianz, CIC Allianz, GIO, NRMA, QBE & Zurich.

The 7 insurers are controlled by 5 companies. Suncorp owns GIO and AAMI. Allianz also owns CIC Allianz.

In the current debate about insurer profitability we need to keep sight of the fact that the State Government can not afford for any of the current insurers to withdraw from the scheme.

A reduction in the number of insurers, or companies which own them, could reduce competition, placing even greater pressure on greenslip prices.

We posted a News article yesterday, providing some stats and insight into the current debate on insurer profitability and claims exposure.

For the period 2000 to 2009, at the time of setting premiums, insurers estimated a weighted average profit margin of 8.0%. For the same years, the estimated average profit and loss will average 19.6%. More information is available in the News section of this website.

The RTA has released a new website, Safer Roads NSW.

The website is designed for the RTA to provide information and to receive feedback on the views of the community with regard to speed limits and speed limit signs on roads in NSW. NSW residents can also sign up to receive email updates about permanent speed limit changes in NSW regions.

Worth a look.

Here are some interesting statistics taken from the issues paper on the future of registration labels:

In the 2010/2011 financial year, approximately 6.1 million vehicles were recorded by the RTA as registered in NSW. 97% of those are light vehicles with a GVM up to 4.5 tonnes.

In that year, 13,000 registration label offence penalty notices were issued according to the State Debt Recovery Office, at a cost of $88.00 for light vehicles. That represents revenue the NSW Government will forego if it does away with registration labels, as is being considered.

More information on the issues paper is available on this site.