- Discussion paper out on Queensland's CTP scheme
- Focused on sustainability of Queensland insurers with no impact on drivers
- Supports Queensland's status as home to the most affordable CTP scheme in mainland Australia
Queensland's Motor Accident Insurance Commission has released an industry discussion paper on the state's compulsory third party insurance scheme to ensure it continues to deliver ongoing affordability and fairness.
The review is focused on identifying opportunities to improve the scheme's sustainability and will not consider any changes to the CTP scheme's premium setting process or compensation benefits for people who are injured.
Queensland's CTP insurance scheme is the most affordable in mainland Australia and delivers fair and timely compensation and rehabilitation support to people injured in road crashes through no fault of their own.
This is the first review of the CTP insurance scheme since 2016.
Quotes attributable to the Treasurer and Minister for Trade and Investment Cameron Dick:
"Queensland has the most affordable CTP scheme in Australia, and it's important the government keeps it that way, by undertaking periodic reviews.
"CTP is clearly delivering for Queensland drivers but for its long-term health we need to make sure it is sustainable for insurers as well.
"We're looking to here from any industry participants or other stakeholder with ideas about how things can be done better.
"The Palaszczuk Government is committed to ensuring insurance premiums remain affordable for Queensland motor vehicle owners.
"Queenslanders can be assured that the setting of premiums and compensation benefits will be untouched by this review process."
The discussion paper on the 2023 Review of Queensland's Compulsory Third Party insurance scheme is available on the MAIC website, with submissions closing at 5pm on Friday 21st April 2023.
Background:
Queensland's Motor Accident Insurance Commission (MAIC) has regulatory oversight of the Queensland compulsory third party insurance scheme.
The Scheme delivers compensation benefits for people who are injured in motor vehicle accidents through no fault of their own, while also offering unlimited legal liability protection to 4.68 million registered vehicle owners in Queensland.
