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|Monday, 13 December 2010|
There have been significant changes to greenslip insurer market share, shown in the latest analysis published by the Motor Accident Authority (MAA).
Insurer market share on the basis of written premiums over the last four years is set out in the table below (Motor Accident Authority Annual Report 2009-2010, page 57). The table also shows changes to market share between June 2009 and June 2010.
NRMA remains the dominant insurer with 36.7% of the market, down fractionally (1.6%) on the previous year.
Of the seven insurers offering CTP greenslips in NSW, two increased market share and five lost market share.
The winners for the year were GIO, increasing market share by 21.6% and QBE, increasing market share by 28.7%.
AAMI, Allianz, CIC Allianz, NRMA and Zurich all lost market share. CIC Allianz market share was down by 21.0% and AAMI market share was down by 19.2%.
The total premium pool for the year ending 30 June 2010 was $1.5 billion.Add a comment
|Friday, 15 October 2010|
In our News article of 1 April and in our analysis of at fault driver cover, we identified issues with the payment of at fault driver cover benefits for accidents occurring after 1 April 2010.
As at 15 October 2010, those issues remain for some insurers.
This site was the first to identify and articulate the issues.
Here are the facts.
Prior to 1 April 2010, the driver at fault in an accident was not covered under the CTP greenslip scheme unless the driver was catastrophically injured.
As at 15 October 2010:
We will continue to monitor the position and will update this site as necessary.Add a comment
|Thursday, 01 July 2010|
Greenslip prices for cars in NSW are on the move from 1 July 2010!
We have surveyed greenslip prices for class 1 vehicles (motor cars) in the Sydney Metropolitan and Country areas as at 30 June 2010 and 1 July 2010.
The results, showing the average change in price between those two dates are set out in the table below.
The largest price increase found in the survey was 10.9% and the largest decrease found was 12.7%.
The survey also found that the benefits of shopping around to compare prices increase with age. The average saving for a 25 year old owner was found to be $35.42 whereas the survey found that the average saving for a 65 year old owner is $218.32.
The average savings established by the survey are set out in the table below.
The trends shown in the tables are based on a sample of greenslip prices as at 30 June 2010 and 1 July 2010. Greenslip prices change over time and in every case need to be checked on the basis of specific vehicle and owner details.Add a comment
|Saturday, 19 June 2010|
Classification of motorbikes for determining CTP greenslip prices in NSW is changing from 1 July 2010. The new classifications will result in significant greenslip price changes for many owners, some up and some down.
For greenslip purposes, motorbikes are classified on the basis of engine capacity. The classifications are designated by the Motor Accident Authority of NSW for use by greenslip insurers. Greenslip insurers apply those classifications, along with consideration of other factors such as location, claims history, driving record and rider age, to determine greenslip prices.
Until 30 June 2010 three classifications apply:
From 1 July 2010, five new classifications will apply:
The change in classifications is designed to allow more levels of price differentiation for risk based on engine capacity and claims experience. Clearly, one classification for all motorbikes above 300cc is too wide.
The new classifications do not include consideration of other risk characteristics such as the type of motorbike or pillion capacity.
The new classifications result in a major realignment of prices. Some motorbike owners will benefit from sizeable decreases in greenslip prices, whilst others will be required to pay significantly more.
We have surveyed prices as at 30 June 2010 and 1 July 2010 for a range of motorbikes in the Sydney Metropolitan and Country areas. The results, showing the average change in price between those two dates are set out in the table below.
Hardest hit will be motorbikes at the bottom of the 226cc to 725cc classification, such as 250cc motorbikes. 250cc motorbikes were previously classified with 101cc to 300cc motorbikes. For a 250cc motorbike the survey shows an average increase in price of 88.9% in the Sydney Metropolitan area and 107.3% in Country areas.
The survey shows that prices have increased in the three classifications for motorbikes above 726cc. The average increase in price for an 800cc motorbike is 5.2% in the Sydney Metropolitan area and 1.9% in Country areas. The average increase in price for a 2,000cc motorbike is 19.8% in the Sydney Metropolitan area and 13.0% in Country areas.
Motorbikes in the 1,126cc to 1,325cc classification have shown a higher average increase in price than other large capacity motorbikes. For a 1,200cc motorbike the survey shows an average increase in price of 34.9% in the Sydney Metropolitan area and 24.6% in Country areas.
The biggest winners are motorbikes in the upper range of the 226cc to 725cc classification, such as 400cc and 650cc motorbikes. Those motorbikes were previously classified with all motorbikes over 300cc. For both 400cc and 650cc motorbikes the survey shows an average decrease in price of 27.3% in the Sydney Metropolitan area and 29.6% in Country areas.
Some small capacity motorbikes under 225cc will also benefit. For a 125cc motorbike (such as a scooter) the survey shows an average decrease in price of 9.9% in the Sydney Metropolitan area and 3.9% in Country areas.
Interestingly, the survey also shows that for an older rider with good claims and driving records, the benefit of shopping around to compare prices will in some cases save several hundred dollars, whereas for a young rider with bad claims and driving records, the benefit of shopping around will generally be less than $20.00.
The trends shown in the table are based on a sample of greenslip prices as at 30 June 2010 and 1 July 2010. Greenslip prices change over time and in every case need to be checked on the basis of specific motorbike and owner details.Add a comment
|Friday, 26 March 2010|
In our news article of 10 March 2010 we released news of the reforms to the CTP greenslip scheme.
The first reform provides that hospital treatment, transport by ambulance and other treatments for at fault drivers is funded by the CTP greenslip scheme. The second reform, effective for accidents occurring from 1 April 2010, provides that at fault drivers will also be entitled to compensation through lodgement of an Accident Notification Form (ANF). Subject to the provisions, at fault drivers will become entitled to claim up to $5,000.00 for treatment expenses and for lost earnings by lodging an ANF.
The NSW Government has today issued a Press Release announcing the second reform. A copy of that Press Release is available.
Interestingly, the Press Release does not deal with the issue we raised in our news article. That is, the impact on At Fault Driver Cover Policies offered as an additional benefit by some of the insurers. There has been no change to this point. We will monitor the position.Add a comment
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