Drivers in NSW know they pay the highest CTP premiums in Australia. Their premiums have increased some 85% in 10 years. Reform to the NSW CTP scheme has been a long time coming. But finally, Premier Gladys Berejiklian and Minister for Finance, Services and Property Victor Dominello announced some detail on 7 March.
Following an unsuccessful attempt in 2013, the NSW government is back on the path of CTP reform. The latest discussion paper, “Reforming insurer profit in compulsory third party (CTP) vehicle insurance”, was released in November 2016. This time, it addresses the issue of insurer super-profits.
While reform of the NSW CTP scheme is still under discussion, caps on legal fees for minor CTP claims have already become law.
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In what is widely seen as another backflip, the NSW government has decided to revisit its radical ideas for CTP reform.
In NSW alone, 21 young people have died this year in crashes involving P Plate drivers. Although only 10% of drivers in Australia are on P Plates, they are twice as likely to die as all drivers. This is why the graduated licensing scheme for learners and P Platers in NSW is changing.
On 29 June, the NSW government announced a long overdue package of reforms to the NSW CTP insurance scheme. Reactions to the package, as you might expect, have been mixed. In general, insurers and health bodies welcome the proposed reforms but lawyers and advocates, like Greens MP, David Shoebridge, are very critical.
Motorists across NSW may be able to look forward to cheaper CTP green slips from 1 July 2017. The NSW government is keen to improve the hugely inefficient CTP scheme, which was last reviewed in 1999, and has come up with a hybrid package of defined benefits and lump sums.
Many NSW drivers could enjoy much cheaper green slips from July 2017, according to Minister for Innovation and Better Regulation, Victor Dominello. At last, people injured on the roads will also get faster, better support.
CTP insurance claims in Sydney are through the roof. In fact, claims on green slips in Sydney rose 39% this year, even though road casualties were lower. It’s a suspicious trend, as claims on all types of insurance were up 30%. Insurance fraud is estimated to cost the industry a staggering $2 billion a year.
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