Insights. Motor Injury. Motor Injury Insights brings you all the news from the world of motor accident compensation. April 2018.
|
|
- Joseph Harper
- 5 years ago
- Views:
Transcription
1 April 2018 Motor Injury Insights Motor Injury Insights brings you all the news from the world of motor accident compensation. In this edition: The Citizens Jury has selected a new CTP scheme for the ACT We compare trends in claim frequency over the last five years Our regular round-up of motor injury news from around Australia. finity.com.au
2 New scheme in the ACT the citizens have spoken! A jury of ACT citizens has selected a new CTP scheme design which will: Provide defined benefits for all people injured in car accidents, including at-fault drivers Allow seriously injured claimants whose injuries were caused by someone else s negligence to access higher benefits via common law. This contrasts with the current scheme, which provides only $5,000 in medical payments to at-fault drivers. Currently all other benefits can be accessed only via common law. A deliberative democracy experiment The Selected Model Benefit Type Medical costs Defined Benefits (available to all) Up to 5 years Care costs Paid care only for up to 5 years Income replacement Quality of Life (aka NEL, general damages) Death benefit Up to 5 years 95% for 3 months, 80% thereafter Maximum $350k Based on WPI, with a threshold of 5% Funeral cost + up to $350k if dependants Common Law (where negligence is established) Limited to 5 years if WPI < 10% Paid care only limited to 5 years if WPI < 10% No gratuitous care Limited to 5 years if WPI < 10% Maximum $500k Based on WPI, with a threshold of 10% Funeral cost + common law for dependants In 2017 the ACT Government began a deliberative democracy process to consider the design of the ACT s CTP scheme. A Citizens Jury of 50 people, chosen to be a representative group of Canberrans, was established to consider ways to improve the CTP scheme to best meet the needs of all road users without increasing premiums. The jury was aided by a Stakeholders Reference Group which included insurers, lawyers and other advisers. Geoff Atkins of Finity was appointed to assist the jury as scheme design expert. Public feedback was also received. In summary, the process was: In October 2017, the jury set out its objectives for the new scheme. During the next five months, four models were developed and costed. Models from A to D had increasing levels of defined benefits and correspondingly greater limitations on common law. Impact on Premiums The average annual premium under Model D was estimated by EY to be between $385 and $465. This represents a saving of 15-30% from the current average ACT CTP premium of $556. The Path from Here Chief Minister Andrew Barr had committed to implementing the jury s selected design before the deliberative democracy process began. This commitment has been restated on several occasions, including after receipt of the report in late March. The ACT Government will now work with stakeholders to draft legislation and present it to the ACT Legislative Assembly. The aim is to have legislation in the parliament during In March 2018, the jury met again to consider the models and selected Model D as best meeting the objectives. On Sunday 25 March, the jury presented its final report to the ACT Government. At all stages of the process, the jury s activities have been transparent, and related materials have been publicly available. You can find them here: Breaking news: Telematics trial On 28 March, the NSW Government announced a telematics trial to assess the appropriateness of different technology solutions, as well as the ability of telematics platforms to improve driver behaviour and to better inform road safety management. The trial, linked to the CTP scheme, will seek to attract 1,000 participants focussing on young drivers in Western Sydney, who represent a high-risk segment. See our website for further insights into how telematics might play a greater role in Australia s CTP schemes. Motor injury insights April
3 Claim Frequency Trends Figure 1 shows the past five years CTP claim frequencies for Australian and NZ jurisdictions. Each jurisdiction s frequency is expressed as an index relative to 2012/13. FIGURE 1 CLAIM FREQUENCY TRENDS Frequency Index /13 13/14 14/15 15/16 16/17 NSW VIC QLD SA WA TAS NT NZ NSW: ultimate accident year frequency, claims + ANFs (excl at-fault ANFs) VIC, NT: ultimate accident year frequency, no-fault claims QLD: ultimate accident year frequency, all claims SA, WA, TAS: number lodged in year, all claims NZ: entitlement claims in the Motor Vehicle Account The frequency in NSW has finally stopped increasing; indeed it fell 10% in 16/17. Changes in legal cost regulations and fraud mitigation efforts appear to have reduced the number of legally represented minor injury claims. In contrast, the frequency in QLD has increased, driven by low severity legally represented claims. This may suggest the claim farmers have moved north Frequency movements in 2016/17 in other schemes: VIC SA WA TAS NT NZ Small decrease. The TAC frequency has been remarkably stable in comparison to other jurisdictions! The number of claims lodged has continued to fall, as it has since the 2013 scheme reforms. 80% of the claims lodged in 16/17 related to the 16/17 accident year (the first post-privatisation year). Claim lodgements increased by 11%, with more than half of the increase attributed to claim farming. The rate of fatalities decreased, while the number of serious injuries has plateaued. The number of claims lodged reduced by 6% in 16/17, despite vehicle numbers increasing by 2.6%, leading to a frequency reduction of 8%. The frequency has continued to increase from the post-reform low in 14/15, noting that numbers can be volatile in this smaller scheme. As for the increase in 15/16, this year s increase of 9% was largely due to a rise in new weekly compensation claims. Motor injury insights April
4 Funding Ratios Figure 2 shows a three year history of the funding ratios for the Government monopoly schemes in Australia and NZ, including the lifetime schemes. For consistency between schemes, the funding ratio is total assets divided by the total liabilities 1. FIGURE 2 FUNDING RATIO OF MONOPOLY MOTOR INJURY SCHEMES 180% 160% Jun-15 Jun-16 Jun % Funding Ratio 120% 100% 80% 60% 40% 20% 0% TAC (Vic) MAIB (Tas) MAC (NT) MAC (SA) LSS (SA) TPIF (WA) MVCIF (WA) LTCS (NSW) ACC MV (NZ) The general trend is improvement in the funding positions. The TAC s funding ratio has improved by eight points, assisted by higher than expected investment returns. $109 million was paid to the Government (capital repayment and a dividend), and the TAC reported a positive net asset position for the first time in many years. For MAC NT, an underlying profit of $34 million (three times the budgeted figure) helped increase the funding ratio by 17 points to 133%. MAC (SA) s ratio reduced 8 points to 129%. During the year, MAC paid $688 million to the Government s Highway Fund. Without this payment, the funding ratio would have been 185%. In WA: The TPIF (fault-based CTP cover) paid a dividend of $117 million to the Government and its funding ratio increased marginally to 142%, above the long term target of 135%. Without the dividend, the funding ratio would have been 146%. The MVCIF, which covers the catastrophically injured where fault cannot be attributed to another driver, had a funding ratio of 111% after its first year. This is after a transfer-in of $96 million from the Insurance Commission General Fund, which offset the cost of the decision not to charge motorists ahead of the new scheme s commencement on 1 July There are some definitional differences from the funding ratios quoted by the schemes. Motor injury insights April
5 Brain Injuries: Refinements to CANS Level 4 The Care and Needs Scale (CANS)2 measures the support needs of adolescents and adults with traumatic brain injuries. The framework has eight levels, ranging from: Level 0: independent in the community with no assistance required, to Level 7: cannot be left alone, requires care 24/7. CANS is used by a number of the lifetime care schemes in Australia to understand their participants support needs. A large proportion of participants are classified within CANS Level 4, which spans a broad range of support needs people who require daily care of between 1 and 11 hours. Consequently, members of this group can have significantly different care needs from one another. Following a retrospective psychometric study, Level 4 has been split into three sub-divisions. These are shown, together with their corresponding Needs Checklist group, in Table 1. TABLE 1 CANS LEVEL 4 NEW SUB-DIVISIONS CANS Level Needs Checklist 4.1 C Needs assistance accessing the community 4.2 B Additional assistance with some activities of daily living 4.3 A Additional assistance with most activities of daily living Group Broad Description This more detailed scale will help schemes better identify participants with similar support needs. The authors have also made minor revisions to the Score Form, but the general approach to administering the CANS has not materially changed. Latest whiplash reforms in UK Motor As reported in our April 2017 edition, the UK Government has been attempting to reform the motor insurance market, which has suffered due to claim farming and very high numbers of minor injury claims for over 15 years. The Ministry of Justice reported that in 16/17 the number of road traffic personal injury claims was around 50% higher than in 06/07, even as reported accidents fell and vehicle safety improved. The Civil Liability Bill, the latest proposed reform, was introduced into the House of Lords on 20 March 2018: Key Aims To reduce the number and cost of compensation claims for whiplash injuries. To reform the setting of the discount rate in personal injury claims (unwinding the 2017 reduction in the discount rate to -0.75% p.a. which led to higher payouts and premiums). Impact The UK Government estimates the full reform package will have only a modest impact, reducing premiums by 35 on average. According to the Association of British Insurers, average motor premiums have risen for eight consecutive quarters, reaching a record 493 at the end of Timing The Government is now targeting an implementation date of April 2019, six months later than its earlier target of October Tate, R.L. (2017). Manual for the Care and Needs Scale (CANS). Unpublished manuscript. John Walsh Centre for Rehabilitation Research, University of Sydney. Updated version 2. Motor injury insights April
6 A new insurance accounting standard AASB 17 is the new insurance accounting standard that will come into effect from 1 January Schemes that currently account for liabilities under the existing insurance accounting standard (AASB 1023) will need to make some changes in their accounts (especially around terminology and presentation), but we expect the outstanding claims liabilities to be broadly similar. Schemes that currently account for their liabilities using AASB 137 (the contingencies standard) may see significantly greater change. The AASB released a discussion paper that proposes insurance like schemes would be required to adopt AASB 17, even if there is no contract of insurance. Which schemes are insurance like? The discussion paper sets out a number of criteria to determine whether a scheme is insurance like, and should therefore apply AASB 17. Schemes expected to be classified as insurance like include: Public sector CTP and workers compensation schemes Lifetime care schemes for the catastrophically injured The NDIS What will change under AASB 17? Liability for Incurred Claims (currently Outstanding Claims) For schemes currently using AASB 137: Claims liabilities will be discounted at a risk free rate Claims liabilities will include a risk adjustment (risk margin) The discussion paper suggests that the risk adjustment for a public sector scheme could be lower than for an equivalent private sector scheme due to implicit or explicit Government support, or monopoly or quasi-monopoly status but is unlikely to be nil. Liability for Remaining Coverage (currently Unearned Premium) Under AASB 17, there are two methods for estimating the liability for remaining coverage: the simpler Premium Allocation Approach (PAA, similar to unearned premium), and the more complex Building Blocks Approach (BBA, like APRA s premium liability). The PAA can be used when the coverage period (or contract boundary in AASB 17 terms) is less than one year. For public sector schemes not funded by premiums (e.g. funded by levies), the contract boundary will be based on when/how the funding stream can be changed: If funding is reviewed annually, or can be changed at any time without the need for legislation, the contract boundary is presumed to be 12 months and the PAA can be used. If funding amounts are enshrined in legislation, the contract boundary is more than 12 months and the BBA must be used. Click here for our more detailed d finitive on AASB 17. Motor injury insights April
7 Jurisdiction Roundup New South Wales Early days for new scheme The Motor Accident Injuries Act (MAIA) came into effect on 1 December 2017, applying to all motor accidents occurring from that date. It is a move away from a predominantly fault-based scheme to a hybrid model which combines access to statutory benefits, regardless of fault, and limited access to common law damages. See our October 2017 edition for further details. While it s very early days, anecdotally the new scheme has seen: Lower claim notifications than expected A different injury profile from the previous scheme, with a higher proportion of more severe injuries. New Claims Operating Models The new scheme requires more claims decisions early in the life of claims, requiring closer and earlier interactions between insurers and claimants. These include: Early payments for income loss Early recovery plans for those who have not returned to pre-injury activities Determining whether an injury is a minor injury within three months of lodgement a critical decision, as those with minor injuries have no access to statutory benefits beyond six months post-accident, or to common law. It remains to be seen how well the new operating models developed by insurers will cope with these increased demands. Lower premiums under the new scheme Figure 3 shows the insurers premium rates for model drivers, ranked from most expensive to cheapest, at October 2017 and April FIGURE 3 NSW CLASS 1 METRO PREMIUMS Policies Incepting 1 OCTOBER 2017 Policies Incepting 15 APRIL 2018 Change Licence Premium Licence Premium CIC-Allianz $663 Allianz $478 ($133) Decreasing price Allianz $611 AAMI $475 ($120) NRMA $597 GIO $475 ($115) AAMI $595 QBE $470 ($118) GIO $590 NRMA $468 ($129) QBE $587 CIC-Allianz $467 ($196) With the commencement of the new scheme on 1 December 2017: Premiums have fallen by over 20% on average The spread of premiums has contracted from $76 at October 2017 to just $11 at April 2018 Allianz now has the most expensive best price, and CIC-Allianz the lowest, in each case by a small margin. CTP Refunds! The NSW Government is partially refunding premiums to vehicle owners to the extent that their policies, purchased at pre-reform prices, covered exposure after 1 December Refunds will vary between $10 and $120. Motorcycle owners will not receive a refund; their premiums did not reduce due to the high cost of adding the at-fault rider cover. Motor injury insights April 2018
8 Market Share Figure 4 updates our analysis of NSW market shares. FIGURE 4 NSW MARKET SHARES 40% 35% Proportion of Premium 30% 25% 20% 15% 10% 5% 0% NRMA AAMI+GIO QBE Alz+CIC Zurich The Suncorp and Allianz brands continued to increase market share during 2017, with NRMA declining. It will be interesting to see what changes in the next 12 months, now that NRMA has one of the lowest best prices and there is less price differentiation between insurers (see Figure 3). The limits of Contributory Negligence A recent NSW CTP case raises questions about the level of benefits which may be awarded to individuals who have contributed to their own injury. Two friends in their 20s (A and B) were drinking in the pub one afternoon. They continued into the night at A s place, consuming a bottle of vodka and a carton of beer between them. They stayed up all night, and their activities included: Fishing Chasing kangaroos and yahooing Riding trail bikes. The trail bike ride started at 5:15am. Both bikes were unregistered, uninsured and had no headlights. A was wearing a helmet but B was not. At one stage, they were travelling towards each other from opposite ends of the street outside A s house. B crossed the centre of the road and they had a near head-on collision. A was seriously injured. B was found to be at more than three times the legal alcohol blood limit. Did A have a valid CTP claim? Yes, against the Nominal Defendant as both vehicles were unregistered. A s contributory negligence was assessed at 30%, but his damages were still over $1 million. The decision was upheld on appeal 3. We ask: is there a case for some further exclusions or limitations on entitlements, where alcohol consumption is a factor? 3 The Nominal Defendant v Buck Cooper [2017] NSWCA 280 Motor injury insights April
9 Queensland Small increase in the ceiling price MAIC increased the ceiling price effective 1 January 2018, from $352 to $355; all insurers have filed at the ceiling. Allianz continues to grow in QLD Allianz gained market share in the year, mostly at Suncorp s expense. FIGURE 5 QLD MARKET SHARES 55% 50% 14/15 15/16 16/17 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Suncorp Allianz RACQ QBE Motor injury insights April
10 ACT Small premium changes for Suncorp brands Figure 6 shows the premiums charged for Class 1 passenger vehicles, ranked from most expensive to cheapest, at October 2017 and February FIGURE 6 ACT PREMIUMS: PRIVATE USE PASSENGER VEHICLE Decreasing price Policies Incepting 1 OCTOBER 2017 Policies Incepting 1 FEBRUARY 2018 Licence Premium Licence Premium APIA $565 APIA $566 $1 AAMI $548 AAMI $549 $1 NRMA $546 NRMA $546 - GIO $545 GIO $542 ($3) Change Two new vehicle classes 1. 25B: Personal Share Vehicle Created parallel to 25A Rideshare Vehicle. The new class accommodates neighbourhood peer-to-peer services (e.g. Car Next Door) : Light Rail Vehicle The ACT s light rail system is expected to commence later in GIO s premium reduced by $3, effective 1 February It is now $4 below NRMA. Suncorp covers 44% of the market Figure 7 shows market shares published by ACT Treasury (based on premiums collected). GIO remained the cheapest in the market and its market share has continued to increase. The Suncorp brands now cover 44% of the market. FIGURE 7 - ACT MARKET SHARES 100% 90% 80% 70% 60% 50% 40% 30% GIO APIA AAMI NRMA 20% 10% 0% Prior 2013/ / / /17 Motor injury insights April
11 Other Jurisdictions SA: The transition to a competitive scheme continues SA The SA scheme is currently in a three-year transition phase, during which premiums will increase by 3% per annum. From 1 July 2019, approved insurers will be able to compete on price and other value-added goods and services. The CTP Insurance Regulator is currently developing the rules governing the competitive scheme, together with the mechanism for purchasing CTP insurance, the basis of premium setting, and the method of premium regulation. WA: ICWA funds research to improve independence WA The Insurance Commission of WA (ICWA) will provide $168,000 to trial assistive toileting technology options for people with acquired brain and spinal cord injuries. ICWA spent $462 million in 2017 on toileting care and support for clients catastrophically injured in car accidents. The project aims to increase clients independence by reducing the amount of care required for toileting, thereby reducing care costs. VIC: TAC removes the medical excess VIC People injured in transport accidents from 14 February 2018 will no longer have to pay the first $651 of their medical expenses. TAC research showed that the medical excess had long been confusing for injured people, leading to delays in treatment and ultimately delaying recovery. Motor injury insights April
12 Finity s Motor Injury Team Finity s Motor Injury team prides itself on looking beyond the pure analytics to gain a deeper understanding of the cost drivers for schemes. This means we can respond appropriately in valuations, premium setting and scheme design. In addition to our actuaries, Finity has a dedicated group of claims and operational insurance experts in our Management Consulting practice, who can assist with claims and expense management. If you would like to receive future editions of Motor Injury Insights, please contact Rebecca Dalleywater on or at rebecca.dalleywater@finity.com.au. This article does not constitute either actuarial or investment advice. While Finity has taken reasonable care in compiling the information presented, Finity does not warrant that the information is correct. Copyright 2018 Finity Consulting Pty Limited. AUSTRALIA Sydney Level 7, 68 Harrington Street The Rocks NSW Melbourne Level 3, 30 Collins Street Melbourne VIC Adelaide Level 30, Westpac House 91 King William Street Adelaide SA NEW ZEALAND Auckland Level 5, 79 Queen Street Auckland ANZIIF Professional Services Firm of the Year Winner (Aus & NZ) Six time Winner ANZIIF Service Provider of the Year ANZIIF Hall of Fame Contact the author Kane Boulton kane.boulton@finity.com.au Sydney Office Raj Kanhai raj.kanhai@finity.com.au Sydney Office Motor injury insights April
Insights. Motor Injury. Motor Injury Insights brings you all the news from the world of motor accident compensation. October 2017.
October 2017 Motor Injury Insights In this edition: Motor Injury Insights brings you all the news from the world of motor accident compensation. Claim farming and compensation touting complaints Analysis
More informationInsights. Motor Injury
April 2016 Motor Injury Insights Motor Injury Insights brings you all the news from the world of motor accident compensation. You may already be familiar with it under its previous name: CTP News. finity.com.au
More informationUNDERSTANDING COMPULSORY THIRD PARTY (CTP) INSURANCE IN THE ACT
UNDERSTANDING COMPULSORY THIRD PARTY (CTP) INSURANCE IN THE ACT August 2017 CONTENTS What is CTP insurance and why is it important? 2 What does CTP cover? 2 How are CTP benefits determined? 3 How do you
More informationNSW CTP and Lifetime Care
NSW CTP and Lifetime Care Andrew Nicholls General Manager Motor Accidents Authority of New South Wales Don Ferguson General Manager Lifetime Care and Support Authority of New South Wales This presentation
More informationCITIZENS JURY ON COMPULSORY THIRD PARTY (CTP) INSURANCE
CITIZENS JURY ON COMPULSORY THIRD PARTY (CTP) INSURANCE FREQUENTLY ASKED QUESTIONS For more information, visit www.yoursay.act.gov.au/ctp 1 CONTENT WHAT IS CTP INSURANCE AND WHY IS IT IMPORTANT?... 4 WHO
More informationRedress and Civil Liability
July 2018 Child Sexual Abuse Redress and Civil Liability On 19 June 2018, more than 5 years after the commencement of the Royal Commission into Institutional Responses to Child Sexual Abuse (the Royal
More informationTHE NSW COMPULSORY THIRD PARTY GREEN SLIP INSURANCE SCHEME: SUBMISSION TO THE CONSULTATION ON THE PROPOSED REFORMS
The Hon Greg Pearce MLC Minister for Finance & Services Minister for the Illawarra 5 April 2013 Dear Minister THE NSW COMPULSORY THIRD PARTY GREEN SLIP INSURANCE SCHEME: SUBMISSION TO THE CONSULTATION
More informationWorkers. Compensation
October 2018 Workers Compensation Workers Compensation d finitive keeps you up to date with happenings in private and government schemes around Australia and New Zealand. finity.com.au In this edition:
More informationEY costing of proposed model designs Final Citizen s Jury
EY costing of proposed model designs Final Citizen s Jury 24 March 2018 Contents Nature of cost estimates Risks and uncertainty Page 2 Nature of cost estimates Passenger vehicles only excluding Lifetime
More informationDevelopments. Dust Diseases
November 2017 Dust Diseases Developments Dust Diseases Developments brings you the latest happenings in Australian asbestos and dust diseases compensation. You may have seen it before as Asbestos News.
More informationOn the road to a better CTP scheme. CTP reform position paper
On the road to a better CTP scheme CTP reform position paper Contents Minister s foreword... 3 Introduction... 4 Why Option 3?... 5 What happens next?... 6 Market and premium setting... 7 Underwriting
More informationNSW CTP Benefit Reform
NSW CTP Benefit Reform Key Features and Challenges Ahead Christian Fanker and Bevan Damm SIRA, EY This presentation has been prepared for the Actuaries Institute 2017 Injury & Disability Schemes Seminar.
More informationPersonal Lines Pricing & Analytics Seminar 2018
Personal Lines Pricing & Analytics Seminar 2018 Tuesday 22 May 2018 1 Affordability of insurance for natural perils Stephen Lau 2 Objective for this presentation Assess the affordability of home insurance
More informationEstimated cost per policy of the new NSW CTP Green Slip Scheme under the Motor Accident Injuries Act 2017 (NSW)
Estimated cost per policy of the new NSW CTP Green Slip Scheme under the Motor Accident Injuries Act 2017 (NSW) State Insurance Regulatory Authority 24 July 2017 Table of contents 1. Executive Summary...
More informationCTP Scheme Comparison. Matthew Gold
CTP Scheme Comparison Matthew Gold Data received from NSW QLD VIC SA TAS NZ NT WA (MAA) (MAIC) (TAC) (MAC) (MAIB) (ACC) (TIO) (ICWA) Method Used data template information received Index approach to show
More informationNSW CTP: A scheme in need of reform
NSW CTP: A scheme in need of reform A first party, no-fault scheme will provide simpler, fairer access to benefits for all road users. The inclusion of defined benefits for all people who are injured,
More informationLiving Well Enhancing Resilience following injury
Living Well Enhancing Resilience following injury Rehabilitation Psychology Interest Group (RPIG) of the APS, the John Walsh Centre for Rehabilitation Research (JWCRR), Sydney Medical School-Northern,
More informationPart 1: The 21 year motor injury claim
Part 1: The 21 year motor injury claim This is a motor injury case from Victoria with a fascinating series of issues. While it is unlikely to create wide-ranging legal precedent, the story illustrates
More informationOptimaLite. General Insurance Insights 2017
General Insurance Insights 2017 1 Welcome to OptimaLite Following on from the ten years of success of Pendulum, this key state of the industry document has returned in 2017 as Optima. Optima explores the
More informationThis section discusses claims for personal injury and death arising out of motor vehicle accidents.
MOTOR VEHICLE ACCIDENTS This section discusses claims for personal injury and death arising out of motor vehicle accidents. Persons who suffer personal injuries or death as a result of a motor vehicle
More informationMOTOR INSURANCE PREMIUM, EXCESS, DISCOUNTS & HELPLINE BENEFITS GUIDE
MOTOR INSURANCE PREMIUM, EXCESS, DISCOUNTS & HELPLINE BENEFITS GUIDE 1 This NRMA Insurance Premium, Excess, Discounts & Helpline Benefits Guide should be read with the NRMA Insurance Product Disclosure
More informationCARAVAN & TRAILER INSURANCE PREMIUM, EXCESS, DISCOUNTS & HELPLINE BENEFITS GUIDE
& TRAILER INSURANCE PREMIUM, EXCESS, DISCOUNTS & HELPLINE BENEFITS GUIDE 1 This NRMA Caravan & Trailer Insurance Premium, Excess, Discounts & Helpline Benefits Guide should be read with the NRMA Caravan
More informationAllianz Car Insurance. Premium, Excess, Discount and Options Guide (PED) Current as at 11 July 2016
Allianz Car Insurance Premium, Excess, Discount and Options Guide (PED) Current as at 11 July 2016 Important qualification The information in this document is current as at 11 July 2016. Any dollar amounts
More informationMotor Vehicle Insurance
Motor Vehicle Insurance Your Guide to Premiums, Excesses, Discounts and Claim Payments The insurer is GIO General Limited ABN 22 002 861 583 AFSL 229873. This product is distributed by Resilium Pty Ltd
More informationMAIA & MACA Comparison table
MAIA & MACA Comparison table Motor Accident Injuries Act 2017 (MAIA) Part 1 Preliminary 1.4 definitions: Damages means damages (within the meaning of the Civil Liability Act 2002) in respect of the death
More informationNRMA Caravan and Trailer Insurance Premium, Excess, Discounts & Helpline Benefits NSW, QLD & ACT
1 NRMA and Insurance Premium, Excess, Discounts & Helpline Benefits NSW, QLD & ACT This NRMA and Premium, Excess and Discounts Guide should be read with the NRMA and Product Disclosure Statement and Policy
More informationRegulatory Impact Analysis: Cost Recovery Impact Statement - Overview of Required Information 1
ACC Levies for 2019/20 and 2020/21 Cost Recovery Impact Statement Agency Disclosure Statement This Cost Recovery Impact Statement has been prepared by the Ministry of Business, Innovation and Employment.
More informationGood news all around, for the most part, but new forms are due to APRA on 30 September not far away!
APRA s prudential reporting changes Good news all around, for the most part, but new forms are due to APRA on 30 September not far away! On the 23rd of June APRA issued the final version of new reporting
More informationPotential Witness List & Explanatory Notes
Potential Witness List & Explanatory Notes In summary For the Witness Workshops themes 2-4 you will choose your preferred witnesses. Use your 6 dots to choose those witnesses that you want to hear from
More informationHeadings Discussion paper
Headings Discussion paper Review of Compulsory Third Party (CTP) motor vehicle insurance for point-to-point transport vehicles Have your say 1 Section Background What is CTP Insurance? People injured in
More informationPublic vs. Private underwriting and administration of personal injury statutory insurance schemes
Public vs. Private underwriting and administration of personal injury statutory insurance schemes Prepared by Dr Andrew Fronsko & Alan Woodroffe Presented to the Actuaries Institute Injury & Disability
More informationAPRA Capital: What s ahead for General Insurers?
APRA Capital: What s ahead for General Insurers? APRA released a discussion paper in mid May on the capital standards for life and general insurers. The paper highlights two aims. The first is to improve
More informationOn the road to a better CTP scheme
On the road to a better CTP scheme Should you wish to discuss this submission, please contact; George Karagiannakis Senior Manager of Government & Industry Relations (02) 9292 9588 George.Karagiannakis@iag.com.au
More informationNCVER AUSTRALIAN VOCATIONAL EDUCATION AND TRAINING STATISTICS. Financial information 2002
NCVER AUSTRALIAN VOCATIONAL EDUCATION AND TRAINING STATISTICS Financial information 2002 2002 2003 Australian National Training Authority Australian vocational education & training statistics: Financial
More informationImproving Queensland s CTP Scheme. Suncorp Group s submission to the 2016 Queensland CTP Review
Improving Queensland s CTP Scheme Suncorp Group s submission to the 2016 Queensland CTP Review 1 Contents Executive Summary... 3 The Suncorp Group... 4 Suncorp in the Community... 5 Youngcare... 5 Current
More informationGeneral Insurance Industry: Yesterday, Today and Tomorrow
General Insurance Industry: Yesterday, Today and Tomorrow Estelle Pearson Finity Consulting Pty Ltd 2014 This presentation has been prepared for the Actuaries Institute 2014 General Insurance Seminar.
More informationACE INSURANCE LIMITED ABN and CHUBB INSURANCE COMPANY OF AUSTRALIA LIMITED ABN
ACE INSURANCE LIMITED ABN 23 001 642 020 and CHUBB INSURANCE COMPANY OF AUSTRALIA LIMITED ABN 69 003 710 647 SUMMARY OF SCHEME UNDER DIVISION 3A OF PART III OF THE INSURANCE ACT 1973 (CTH) FOR THE TRANSFER
More informationGuide to Choosing Personal Auto Injury Insurance
Guide to Choosing Personal Auto Injury Insurance 2018 basic auto insurance This guide provides information about personal auto injury insurance available to all Saskatchewan residents. Motorcycle owners
More informationSuncorp Car Insurance. Additional Information Guide
Suncorp Car Insurance Additional Information Guide The guide is designed to provide you with additional information about excesses, how we pay claims, calculate premiums and the discounts available under
More informationMOTORIST TAXATION REVENUE AND ROAD SPENDING
REPORT TO THE ROYAL AUTOMOBILE CLUB OF WESTERN AUSTRALIA 28 AUGUST 2015 MOTORIST TAXATION REVENUE AND ROAD SPENDING WESTERN AUSTRALIA FINAL REPORT ACIL ALLEN CONSULTING PTY LTD ABN 68 102 652 148 61 WAKEFIELD
More informationGIO Workers Compensation Western Australia Journey claim form
GIO Workers Compensation Western Australia Journey claim form Employer name Claim number Please print in block letters. 1. About the worker Full name Date of birth Address Employer name 1. About the journey
More informationCARAVAN & TRAILER INSURANCE PREMIUM, EXCESS, DISCOUNTS & HELPLINE BENEFITS GUIDE
& TRAILER INSURANCE PREMIUM, EXCESS, DISCOUNTS & HELPLINE BENEFITS GUIDE 1 Depending where your caravan or trailer is kept, this NRMA Caravan & Trailer Insurance Premium, Excess and Discount Guide should
More informationApia Car Advantage Insurance. Your guide to Premiums, Excesses, Discounts and Claim Payments
Apia Car Advantage Insurance Your guide to Premiums, Excesses, Discounts and Claim Payments Your guide to Premiums, Excesses, Discounts and Claim Payments The Premiums, Excesses, Discounts and Claim Payments
More informationOverview - State Tax Review Discussion Paper
Overview - State Tax Review Discussion Paper FEBRUARY 2015 WWW.YOURSAY.SA.GOV.AU Why Are We Reviewing Our State Tax System? South Australia is already a great place to live and we value that as a community.
More informationHOME INSURANCE PREMIUM, EXCESS, DISCOUNTS & HELPLINE BENEFITS GUIDE
HOME INSURANCE PREMIUM, EXCESS, DISCOUNTS & HELPLINE BENEFITS GUIDE 1 This NRMA Home Insurance Premium, Excess, Discounts & Benefits Guide should be read with the NRMA Home Insurance Product Disclosure
More informationCTP INSURANCE QUIZ RESULTS VIA YOUR SAY
CTP INSURANCE QUIZ RESULTS VIA YOUR SAY CMTEDD CHIEF MINISTER, TREASURY AND ECONOMIC DEVELOPMENT DIRECTORATE OCTOBER 2017 1 Question Ranking Questions (10) Q6 Of all the money paid out by CTP insurers
More informationIMPLEMENTING LEGISLATIVE REFORM: THE SOUTH AUSTRALIAN STORY
IMPLEMENTING LEGISLATIVE REFORM: THE SOUTH AUSTRALIAN STORY Prepared by Wayne Potter, Ian Rhodes and Emma Siami Presented to the Institute of Actuaries of Australia 12 th Accident Compensation Seminar
More informationHabits, Hits, Tails & Tweets: Plus more! Understanding customer behaviour
Habits, Hits, Tails & Tweets: Plus more! Understanding customer behaviour Presented By Colin Brigstock Finity Pricing Seminar 23 March 2010 Influences on Customer Behaviour New Premium Structure Experience
More informationMOTORIST TAXATION REVENUE AND ROAD SPENDING
REPORT TO THE ROYAL AUTOMOBILE CLUB OF WESTERN AUSTRALIA 17 JUNE 2016 MOTORIST TAXATION REVENUE AND ROAD SPENDING WESTERN AUSTRALIA FINAL REPORT ACIL ALLEN CONSULTING PTY LTD ABN 68 102 652 148 61 WAKEFIELD
More informationACT. CTP At-fault Driver. Policy booklet
ACT CTP At-fault Driver Policy booklet This Policy Booklet was prepared on 12 June 2014. The information in this Policy Booklet is current at that date. From time to time, we may include more up-to-date
More informationAccident Compensation Corporation (ACC) New Zealand. Wayne Anderson
Accident Compensation Corporation (ACC) New Zealand Wayne Anderson Topics covered Scheme Benchmarks Workers Compensation (Employers Account) Compulsory Third Party (Motor Vehicle Account) Weekly Compensation
More informationCTP DRIVER PROTECTION COVER POLICY BOOKLET
CTP DRIVER PROTECTION COVER POLICY BOOKLET NSW This Policy Booklet was prepared on 1 October 2017 and applies to all policies with a renewal or start date on or after 1 December 2017. The information in
More informationScheme Actuarial Valuation as at 31 December 2017
Scheme Actuarial Valuation as at 31 December 2017 2018 Finity Consulting Pty Limited 8 Ms Joanne Denley Chair 400 King William Street ADELAIDE SA 5000 Dear Ms Denley Scheme Actuarial Valuation as at 31
More informationFinancial Report For the year ended 31 December 2012 ANNUAL REPORT 2012
Financial Report For the year ended 31 December ANNUAL REPORT 31 Statement of Comprehensive Income RACQ Group Note 3 Insurance claims expense 2(a) (399,895) (600,348) Outwards reinsurance premium expense
More informationMotor Insurance. Product disclosure statement and policy booklet
Motor Insurance Product disclosure statement and policy booklet WA Motor Insurance Supplementary Product Disclosure Statement This Supplementary Product Disclosure Statement (Supplementary PDS) updates,
More informationGIO Workers Compensation Northern Territory Claim form for injury on the journey
GIO Workers Compensation Northern Territory Claim form for injury on the journey Employer name: Claim number: Please attach medical certificates and reports if available. Please print in block letters
More informationReview of Claims Trends for Liability Insurance in Australia
Review of Claims Trends for Liability Insurance in Australia Prepared by Kundan Misra, Maggie Liu and Clement Peng Presented to the Actuaries Institute General Insurance Seminar 17 18 November 2014 Sydney
More informationRe: Claims handling, business plans and medical (treatment, rehabilitation and care) Guidelines for motor accident claims
17 October 2016 Our ref: 161010-SIRA-TC Ms Annette Keay Senior Advisor, Injury Strategy Motor Accidents Insurance Regulation State Insurance Regulatory Authority (SIRA) Via email: annette.keay@sira.nsw.gov.au
More informationROAD ACCIDENT FUND BENEFIT SCHEME BILL B (RABS)
1 LAW SOCIETY OF SOUTH AFRICA ROAD ACCIDENT FUND ACT 56 OF 1996 ROAD ACCIDENT FUND BENEFIT SCHEME BILL B17 2017 (RABS) INTRODUCTION The Parliamentary Portfolio Committee on Transport issued an invitation
More informationsporting injuries insurance for sporting organisations accidents can happen protect your players
sporting injuries insurance for sporting organisations accidents can happen protect your players our cover NSW Sporting Injuries provides one of the best serious injuries and death insurance cover to sporting
More informationTort Temperature Update Amaca v Latz
Tort Temperature Update Amaca v Latz South Australian Claim for Lost Pension upheld in High Court The High Court s decision in Latz v Amaca reads like a decision from 35 years ago. The decision can be
More informationPerpetual Wholesale Smaller Companies Fund
Perpetual Wholesale Smaller Companies Fund Product Disclosure Statement Issue number 2 dated 3 August 2010 for indirect investors only Issued by Perpetual Investment Management Limited ABN 18 000 866 535
More informationPresenter: Dan Reith April 14 th and 19 th at 7 pm St. Thomas Seniors Centre
Presenter: Dan Reith April 14 th and 19 th at 7 pm St. Thomas Seniors Centre Thank you for choosing Reith & Associates History Dan Reith Family owned Insurance and Financial Services Brokerage 2016 Top
More informationIN THE SUPREME COURT OF QUEENSLAND No. 46 of RAYMOND WILLIAM SHEPHERD, JOHN WILLIAM SHEPHERD ROSS ALEXANDERS SHEPHERD and IAN RAYMOND SHEPHERD
IN THE SUPREME COURT OF QUEENSLAND No. 46 of 1995 MACKAY DISTRICT REGISTRY BETWEEN: MERVYN HAROLD REEVES Plaintiff AND: RAYMOND WILLIAM SHEPHERD, JOHN WILLIAM SHEPHERD ROSS ALEXANDERS SHEPHERD and IAN
More informationA workers compensation and injury management scheme that works for all. Chris White. A/Chief Executive Officer
A workers compensation and injury management scheme that works for all Chris White A/Chief Executive Officer Discussion Points Privately underwritten system and approach to regulation Comparison of Australian
More informationEmployment Outlook for. Public Administration and Safety
Employment Outlook for Contents INTRODUCTION... 3 EMPLOYMENT GROWTH... 4 EMPLOYMENT PROSPECTS... 5 VACANCY TRENDS... 8 WORKFORCE AGEING... 11 EMPLOYMENT BY GENDER AND FULL-TIME/PART-TIME... 13 HOURS WORKED...
More informationYOUNG DRIVERS INDEX FEBRUARY A bi-annual vehicle maintenance index for young people by
YOUNG DRIVERS INDEX FEBRUARY 2018 P A bi-annual vehicle maintenance index for young people by Young Drivers: The annual cost of running a car Key Statistics Annual cost of running a car for 17-24-year
More informationCOMPREHENSIVE MOTOR VEHICLE INSURANCE. Premium, Excess and Claims Guide
COMPREHENSIVE MOTOR VEHICLE INSURANCE Premium, Excess and Claims Guide Preparation Date: 2 September 2016 CONTENTS Page INTRODUCTION... 2 HOW WE CALCULATE YOUR PREMIUM... 2 Pricing factors... 3 Changes
More informationNZ Insurance - Prudential Regulation. Unanimous Agreement. at least from the Select Committee
NZ Insurance - Prudential Regulation Unanimous Agreement at least from the Select Committee The Insurance (Prudential Supervision) Bill is continuing its journey through the legislative process with the
More informationLee & Lyons Lawyers 1/131 Macquarie Street SYDNEY NSW AUSTRALIA 2000 Tel: (02)
The Impact of the National Disability Insurance Scheme on Catastrophic Injury Cases Presentation to the NSW Claims Discussion Group by Lucinda Lyons, Partner Joseph Callaghan, Senior Associate Lee & Lyons
More informationSt.George Motor Insurance. Product Disclosure Statement and Policy Document.
St.George Motor Insurance Product Disclosure Statement and Policy Document. Effective: 19 November 2016 Welcome and thank you for choosing St.George Motor Insurance. St.George Motor Insurance ( insurance
More informationCompensation in the Australian Taxi Industry: Year in Review
Compensation in the Australian Taxi Industry: Year in Review Professor Richard Holden June 20, 2017 My June 2016 report Compensation in the Australian Taxi Industry considered what rationale, if any, there
More informationReview of TAC Victoria Schedule of Fees for Physiotherapy Services (Private) Presented to the Transport Accident Commission (VIC) May 2013
Review of TAC Victoria Schedule of Fees for Physiotherapy Services (Private) Presented to the Transport Accident Commission (VIC) May 2013 Authorised by: Bridget Shaw Victorian Branch President Australian
More informationSuperimposed Inflation Study of impact on premium rates
Superimposed Inflation Study of impact on premium rates Prepared by Rebecca Haden and Tim Lane Presented to the Actuaries Institute General Insurance Seminar 17 18 November 2014 Sydney This paper has been
More informationSporting injuries insurance for sporting organisations. Protect your players accidents can happen
Sporting injuries insurance for sporting organisations Protect your players accidents can happen Our cover NSW Sporting Injuries provides one of the best serious injuries and death insurance covers to
More informationThe CANSTAR Car Insurance Star Ratings are a transparent analysis comparing comprehensive types of car insurance products.
METHODOLOGY CAR INSURANCE What are the CANSTAR Car Insurance Star Ratings? CANSTAR Car Insurance Star Ratings are a sophisticated rating methodology, unique to CANSTAR that compare both Cost and Features
More informationFINANCIAL REPORT THE ROYAL AUTOMOBILE CLUB OF QUEENSLAND LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 31 DECEMBER 2011
RACQ ANNUAL REPORT 2011 31 THE ROYAL AUTOMOBILE CLUB OF QUEENSLAND LIMITED AND ITS CONTROLLED ENTITIES FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2011 Statement of comprehensive income 32 Balance
More informationNational Injury Insurance Scheme-productivity commission report 2011
18 A national injury insurance scheme Key points A priority for reform is the establishment of no-fault lifetime care and support for all catastrophic injuries. The scheme established for this purpose,
More informationREDUCING LAND TAX A STRONG PLAN FOR REAL CHANGE 1
REDUCING LAND TAX A STRONG PLAN FOR REAL CHANGE 1 We re ready. Over the last four years, we ve been working hard developing our vision for the future of South Australia. Not just policies, but a series
More informationTelematics Impacts on CTP and WC Kaise Stephan Deloitte Actuaries & Consultants Limited
Telematics Impacts on CTP and WC Kaise Stephan Deloitte Actuaries & Consultants Limited This presentation has been prepared for the Actuaries Institute 2013 Injury Schemes Seminar. The Institute Council
More informationMorgan s Queensland Investor Conference Presentation
ASX announcement 21 Presentation Attached is a copy of the presentation made at the Morgan s 2015 Queensland Investor Conference today. Darren Solomon Company Secretary attch. Suncorp Group Ltd- ABN 66
More informationKey statistics for Sensis Business Index (September 2018) SM B confidence: National average +42 7
Key statistics for Sensis Business Index (September 2018) The Sensis Business Index is a quarterly survey of 1,000 small and medium businesses, which commenced in 1993. Note: This survey was conducted
More informationNEW YORK STATE BAR ASSOCIATION. LEGALEase. If You Have An Auto Accident
NEW YORK STATE BAR ASSOCIATION LEGALEase If You Have An Auto Accident If You Have An Auto Accident What should you do if you re involved in an automobile accident in New York? STOP! By law, you are required
More informationThe big ticket changes in the new Motor Accident Injuries Act 2017
The big ticket changes in the new Motor Accident Injuries Act 2017 The Motor Accident Injuries Act 2017 (MAIA) sets up an entirely new system for claims relating to persons injured in motor vehicle accidents
More informationTOUR OPERATOR BROADFORM LIABILITY PROPOSAL
TOUR OPERATOR BROADFORM LIABILITY Level 5, 97-99 Bathurst Street, Sydney NSW 2000 PO Box A2016, Sydney South NSW 1235 Phone: (02) 9307 6600 Fax: (02) 9307 6699 IMPORTANT INFORMATION BINDER AGREEMENT The
More informationQuarterly Update 2 November 2012
Quarterly Update 2 November 2012 The Kiwis Count survey and this report contain material from Citizens First, used under licence and reproduced with the permission of the Executive Director of the Institute
More informationEmployment Outlook for. Administration and Support Services
Employment Outlook for Administration and Support Services Contents INTRODUCTION... 3 EMPLOYMENT GROWTH... 4 EMPLOYMENT PROSPECTS... 6 VACANCY TRENDS... 9 WORKFORCE AGEING... 11 EMPLOYMENT BY GENDER AND
More informationImplementation considerations related to a National Injury Insurance Scheme (NIIS)
Implementation considerations related to a National Injury Insurance Scheme (NIIS) Anna Dayton, Daniel Cooper, David Bowen, John Walsh < copyright PwC Actuarial> Agenda Characteristics of a National Injury
More informationTAX SUMMARY 2018/2019. Lodgment and Payment dates. Companies and Superannuation Funds tax return (30 Jun year end) Lodgment date.
TAX SUMMARY 2018/2019 Lodgment and Payment dates Companies and Superannuation Funds payer 2018 tax return (30 Jun year end) Lodgment date Payment date All entities with one or more outstanding tax returns
More informationCTP INSURANCE SURVEY RESULTS VIA YOUR SAY CTP INSURANCE SURVEY RESULTS CMTEDD CHIEF MINISTER, TREASURY AND ECONOMIC DEVELOPMENTDIRECTORATE
CTP INSURANCE SURVEY RESULTS VIA YOUR SAY CMTEDD CHIEF MINISTER, TREASURY AND ECONOMIC DEVELOPMENTDIRECTORATE OCTOBER 2017 1 1) Would you prefer CTP insurance that: Answer Choices Responses Covers everyone
More informationChallenger Retirement Fund
Retirement Fund Annual Report Fund Information Statement for the year ended 30 June 2017 Issuer Challenger Retirement and Investment Services Limited (ABN 80 115 534 453) (AFSL 295642) (RSE Licence Number
More informationWorkcover Nsw 2009 Claims Estimation Manual
Workcover Nsw 2009 Claims Estimation Manual 6.6.3 Actuarial determination of outstanding claims liability. 6 b. the central estimate plus one half of a standard deviation above the mean for the The specialised
More informationMotor Insurance. Premium, Excess, Discount and Options Guide.
Motor Insurance. Premium, Excess, Discount and Options Guide. Welcome and thank you for choosing Westpac Motor Insurance. Motor Insurance ( insurance ) is issued by Allianz Australia Insurance Limited
More informationWorker to Worker Claims in Liability Portfolios
Worker to Worker Claims in Liability Portfolios Prepared by Benoit Laganiere (QBE) and Yan Zhao (Ernst & Young) Presented to the Institute of Actuaries of Australia 17 th General Insurance Seminar 7-10
More informationDuring the period under review, the Company streamlined its supply chain and diversified its distribution channels.
The Manager Companies Company Announcements Office ASX Limited Level 4, Stock Exchange Centre 20 Bridge Street Sydney NSW 2000 HALF YEAR RESULT 31 DECEMBER 2014 Whilst revenue was only marginally ahead
More informationThe real plaintiff lawyer costs in personal injury claims
costs in personal injury Jason Kroeger, SIRA & Kenneth Chua, EY sira.nsw.gov.au Outline Background & Regulation Claims Cost Disclosure Portal Scheme Efficiency Detailed Findings Further Developments Background
More informationTOUR OPERATOR BROADFORM LIABILITY PROPOSAL
TOUR OPERATOR BROADFORM LIABILITY PROPOSAL Period of Insurance to At 4.00pm Important Notices YOUR DUTY OF DISCLOSURE Before You enter into a contract of general insurance with an Insurer, You have a duty,
More informationMortality experience and projections for catastrophic injuries David Gifford and Darryl Frank TAC and PwC
Mortality experience and projections for catastrophic injuries David Gifford and Darryl Frank TAC and PwC This presentation has been prepared for the Actuaries Institute 2013 Injury Schemes Seminar. The
More informationMEDCO CONFERENCE 18 JANUARY The RT HON. LORD KEEN OF ELIE QC KEYNOTE ADDRESS: THE IMPORTANCE OF MEDCO
MEDCO CONFERENCE 18 JANUARY 2018 The RT HON. LORD KEEN OF ELIE QC KEYNOTE ADDRESS: THE IMPORTANCE OF MEDCO Good morning to you all, may I start by thanking Martin Heskins for inviting me to provide the
More informationCar Insurance. Your guide to Premiums, Excesses, Discounts and Claim Payments
Car Insurance Your guide to Premiums, Excesses, Discounts and Claim Payments Your guide to Premiums, Excesses, Discounts and Claim Payments The Premiums, Excesses, Discounts and Claim Payments Guide (PED
More information