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Insurers Down From 13 to 7

Monday, 17 October 2011

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.


Insurer Profitability & Claims

Tuesday, 11 October 2011

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.


Allianz At-Fault Driver Cover

Thursday, 14 July 2011
Five of the seven greenslip insurers offer at-fault driver cover as an additional feature with greenslips, in addition to the legislated requirements. On this site we identified issues in the policy wording used by the insurers which meant that whilst they promoted the benefits of at-fault driver cover, technically no such benefits were payable. After more than two years, Allianz, the last of the insurers to rectify the policy wording has finally done so.

Pure, unadulterared greed!

Thursday, 07 July 2011
Just got my greenslip renewal and it has jumped by a MASSIVE $221.00! The excuse is that the MCIS is now listed separately - so what, sisnce when does it cost $221.00 to create a separate column on a greenslip? Whilst I understand and support the MCIS, where has this HUGE price hike come from? There has been no advisory that prices were going up, ONLY that it would be listed separately. First carbon tax... now this. How on earth are families supposed to afford to register their vehicles? Seriously... did I fall asleep and wake up in Greece? It appears that my motoring dollar has inflated by 33% in an instant. I didn't cause the floods, I don't push people out in front of cars, I don't push people's foot to the floor or make them drink and get behind the well. I'm lucky, I can afford to pay this - I HAVE to so I can drive to work so I can pay my private medical insurance, my taxes and soon the carbon tax - but what about people who can't. So much for 'I love a sunburnt country'... the ony thing that is burning at the moment is my budget...

Government Mandated Profits

Wednesday, 06 July 2011
It may be that I don't understand properly.... this is what I see. The CTP scheme is a way to fund healthcare for people injured in road accidents right? Healthcare is primarily provided by the state and CTP is mandated by the state to pay for it. So basically CTP is a tax- except that insurance companies get to collect it and keep a big chunk of it before passing it on to the state. Why not just make it part of the rego cost and cut out the private profits on what is essentially tax collection? Is the insurance industry lobby that strong? I'd vote for a political party on that point alone. Just seems like another aspect of the institutionalized corruption of NSW that makes it so expensive to live here.

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