Motor Accident Insurance Commission (MAIC)
In Queensland, you must have CTP insurance to register your vehicle. CTP in Qld is a separate component, but is included in your registration payment.
The regulatory authority for CTP insurance Qld is the Motor Accident Insurance Commission (MAIC). The MAIC is funded by a levy imposed on each vehicle registration. The MAIC deducts levies from the payment (including their own funding levy) before the remaining proceeds are sent to the insurer.
In Qld, you are allowed to change your CTP insurer every time you renew your registration. You must retain that insurer for the duration of your registration.
CTP insurance in Qld is a common law, fault-based scheme and provides unlimited liability. It is currently the subject of a citizens jury with the intention of improving the scheme.
CTP insurance Qld will cover injury claims caused by a motor vehicle, but only if the injured person can identify the motorist at fault and prove negligence by that motorist. If an injured person cannot prove negligence (or if the injured person is the driver at fault), then they are not able to make a claim under CTP insurance.
The MAIC site advises that if you are injured and there is no at-fault vehicle, “you will need to rely on sick leave, social security, Medicare and the public health system, unless you have other personal injury insurance and/or private health insurance”.
However, some CTP insurers will offer an additional benefit to cover this gap with At-Fault Driver Cover for serious injury or death. The MAIC operates as Nominal Defendant in cases where the at-fault vehicle is not insured or cannot be identified (for example, a hit and run accident).
In case of catastrophic injury in an accident after 1 July 2016, you may be able to get treatment, care and support through the National Injury Insurance Scheme Queensland.
The MAIC sets a floor and ceiling price range for CTP insurance premiums every quarter. Insurers can then adjust their premiums but must always remain within the MAIC price range.
In Qld the only adjustment an insurer can make is with regard to the type of vehicle. For example, all cars are classified as Category 1. This means all cars across the state are charged the same premium by that insurer.
During 2018-19, the average premiums paid in Queensland for a vehicle were $339-$350 (MAIC Annual Report 2018-19).
The total insurance premium pool in Qld in 2018-19 was $1.59 billion (MAIC Annual Report 2018-19).
Queensland CTP insurer market share
Four insurers provide CTP insurance cover in Queensland. Market share by premium for 2018-19 is:
- Allianz 27.9%
- QBE 7.9%
- RACQ 19.3%
- Suncorp 45.0%
The dominance of Suncorp is largely because it is a Queensland-based CTP insurer. Nonetheless, its market share is relatively large when compared to the largest greenslip insurer in, say, NSW where NRMA has 30.9% (June 2019).