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OCT 10 |
Premiums, Profitability & Claims to 2010Monday, 10 October 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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A NSW Upper House Committee is currently enquiring into the injury insurance scheme and the role of The Motor Accident Authority in NSW. As a result of the enquiry, there has been press about the difference between profits the insurers are estimating for the purpose of setting premiums and profits the insurers are actually making. There has also been a focus on the number of claims. Information on Premiums, Profitability & Claims to 2010 is set out below.
Premiums listed in the table exclude GST.
Weighted Average Profit Margins are from MAA Annual Reports, Scheme Performance Reports for 2004-2005 & 2009-2010. 2010 data for Estimate of Discounted Profit & Loss is not reported.
Estimated Ultimate Number of Claims are from MAA Annual Reports, Scheme Performance Reports for 2004-2005 & 2009-2010. Reported 2010 data is not for a full year and is therefore not included | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SEP 27 |
Review of NSW Registration Label RequirementsTuesday, 27 September 2011 |
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The NSW Government has approved a review of registration label requirements in NSW for light vehicles (with a GVM up to 4.5 tonnes). The review, which is being undertaken by the Better Regulation Office and the Roads and Traffic Authority (RTA), will examine the ongoing need for registration labels and will provide recommendations for reform. An Issues Paper which provides further information is available. Submissions to the review are required by 7 October 2011 and a final report and recommendations are expected to be presented to the NSW Government by the end of 2011. Some interesting facts from the Issues Paper:
The main benefits identified in the Issues Paper are:
The main risks identified in the Issues Paper are:
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JUL 18 |
RTA Abolished - Transport for NSW CreatedMonday, 18 July 2011 |
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The Roads and Traffic Authority (RTA) and three other state government bodies are to be abolished and a new authority, Transport for NSW is to be created. In a press release issued on Friday, 15 July 2011, Duncan Gay (Minister for Roads and Minister for Ports) along with Gladys Berejiklian (Minister for Transport) announced that the RTA, NSW Maritime, the Transport Construction Authority and the Country Rail Infrastructure Authority will be abolished and their functions transferred into Transport for NSW, the new authority. The press release says that “Transport for NSW will be responsible for the co-ordinated delivery of transport services across all modes, and a renewed focus on the customer”. Transport for NSW will be responsible for operations, procurement, planning and policy for all modes of transport in NSW. Transport for NSW will be made up of six divisions, Customer Experience, Planning & Programs, Transport Services, Transport Projects, Freight and Regional Development plus Policy and Regulation. The government is trying to create a more co-ordinated and efficient structure for planning and delivery of all modes of transport in NSW. Responsibility for road construction and maintenance, oversight of harbours and waterways, licence tests, licences and registration for both land based vehicles and marine craft will come under another new body called NSW Roads and Maritime Services. NSW Roads and Maritime Services will be an operating entity providing services to and under the control of Transport for NSW. The Motor Accident Authority will not be affected by the new structure. |
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FEB 07 |
Demerit Points - Scheme Changes January 2011Monday, 07 February 2011 |
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There has been changes to the demerit point threshold for unrestricted drivers and demerit points have been reduced or removed for some offences. From 31 January 2011, if you are an unrestricted licence holder, you can accumulate 13 demerit points before you loose your licence. Prior to that date the threshold was 12 points. The threshold for professional drivers has increased to 14 points. Professional drivers are those who drive for a living, such as taxi drivers and truck drivers. For offences occurring on or after 31 December 2010, demerit points for 22 offences have been reduced or removed. More information and a list of the offences for which the demerit points have been reduced or removed is available on this site. |
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JAN 11 |
Representation for Motorbike RidersTuesday, 11 January 2011 |
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In a December 2010 Media Release, Minister for Finance Michael Daly announced several initiatives affecting motorbike riders. Firstly was the appointment of Rob Colligan to the Motor Accidents Advisory Council. As Chairman of the Motorcycle Council of NSW, Mr Colligan has been appointed to represent the views of motorbike riders. The Motor Accidents Advisory Council is an advisory group appointed by the minister to provide advice and recommendations to the Motor Accidents Authority. Secondly, the Minister confirmed the appointment of Ernst & Young to undertake an independent actuarial review of motorbike greenslip pricing. We will monitor the outcome of the review. The Minister advised that a member of the Motorcycle Council will also be appointed to the working group considering the feasibility and options to adopt testing procedures and ratings for motorbike clothing. Finally, the Minister announced that the MAA is funding production of rider safety videos to be produced by the Motorcycle Council. A copy of the Media Release is available on this site. |
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