Reforming insurer profit in the CTP Green Slip Scheme

Submission cover sheet

  • Name of organisation or individual making this submission

    Confidentiality requested

Questions on possible options

  1. What concerns or risks do you see with the proposed actions to reform the premium system?

    CTP insurers get richer im left worse off in my pocket. No rewards for excellent drivers. Not enough competition in CTP market!!!!

  2. What are your views on the proposed approach to profit normalisation?

  3. Should the definition of appropriate insurer profit levels be set by SIRA, and if so what considerations should be included?

    * Under 25 cheaper!!! Its unaffordable Under 25s get slugged twice for being high risk. * Good driving record * Cheaper prices as its higher than comprehensive insurance *Set price instead of higher each year

  4. Which mechanism(s) do you believe are best to distribute premium super profits back to motorists? Why?

    Keep the costs low and set a price to ensure equality and affordability with the rest of Australia. We pay the highest for CTP after living in Victoria and moving back to NSW we certainly have felt the pinch.

  5. If insurers make a loss, should they be compensated in a profit normalisation framework? How?

    No They wont make a loss as CTP is compulsory. Fine drivers that have poor driving history instead of punishing excellent drivers.

  6. Should a tolerance level (eg x%) above or below the targeted profit be considered? If so, what would be an acceptable tolerance level?

  7. What should be done for the insurer who adopts innovation, operates efficiently and makes extra profit as a result of their endeavours?

    There should be profit but its not a money making scheme we want affordability for everyday Australians!

  8. What advantages/disadvantages do you see in annual reporting on individual insurer profit by SIRA?

    Less competition in the CTP market as only a few do CTP. Open it up to the insurance market then annual reporting could be fairer otherwise its pointless with only a few in the current market making bigger profits and leaving NSW drivers worse off.

  9. What advantages/disadvantages do you see in increased transparency in the premium setting process, including making SIRA an approval authority?

    Punishing excellent drivers regardless of age and just focused on lining their pockets at our expense.

  10. Should there be exclusions, caps, limits or controls on acquisition expenses, including commissions to intermediaries?

    Cap the cost at an affordable rate but as it us now CTP is more expensive than rego and Comprehensive insurance. Usual taxes can apply but with more competition this could pave the way for choice and options in the insurance market.

At our discretion we may remove parts of submissions because of length, content, appropriateness or confidentiality (privacy) reasons.

Catalogue no. SIRA 08056
State Insurance Regulatory Authority
Motor Accidents Insurance Regulation,
Level 25, 580 George Street, Sydney NSW 2000
General phone enquiries 1300 137 131 or
Claims Advisory Service 1300 656 919

Website https://www.sira.nsw.gov.au

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