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Premiums, Profitability & Claims to 2010

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.

Average Premium - June Quarter
Sydney Metro Passenger Vehicles
All NSW Vehicles
% Change
% Change
2003$339.99 $328.00
2004
$343.00
1.2%$332.001.2%
2005
$324.00
-5.5%$320.00-3.6%
2006
$314.00
-3.1%$309.00-3.4%
2007
$322.00 2.5%$318.002.9%
2008
$329.00
2.2%$324.001.9%
2009$389.00 18.2%$372.0014.8%
2010$428.00 10.0%$404.008.6%
2003/2010 26.3% 23.2%

Premiums listed in the table exclude GST.
Premiums are from MAA Annual Reports, Scheme Performance Reports.

 

Weighted Average Profit Margin in Insurer Filings Year Ending 30 June
Average Estimate of Discounted Profit & Loss as a % of Premium Year Ending 30 September
20007.7%30.0%
2001
7.9%
28.7%
2002
8.2%
31.0%
2003
8.2%
24.3%
2004
8.5%
27.0%
2005
8.7%21.3%
2006
8.7%
18.0%
20076.0%12.3%
20087.7%5.0%
20098.1%-1.3%
Average8.0%19.6%

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.
Average Estimates of discounted Profit & Loss are from MAA Annual Report, Scheme Performance Report for 2009-2010.

 

Estimated Ultimate Number of Claims Year Ending 30 September

200016,844
2001
15,502
2002
14,055
2003
12,885
2004
12,290
2005
11,757
2006
11,167
200710,729
200810,220
200911,732
Average12,718

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