Tasmanians continue to pay the lowest premiums in the country as the Motor Accidents Insurance Board (MAIB) once again delivers strong financial outcomes.
Minister for Infrastructure and Transport, Michael Ferguson said the MAIB is well positioned in terms of its long-term financial position, while consistently providing strong returns to Government.
"A before-tax profit of $146.7 million for 2022-23 was based on a net 7.8 per cent investment return and ongoing improvements in claims liabilities," Minister Ferguson said.
"The dividend payable in relation to the 2022-23 financial year is $32.7 million.
"The general trend of reducing claim frequency reflects ongoing road safety improvements, including infrastructure works, education campaigns and enforcement activities.
"Tasmanian motorists have received direct benefits from these positive outcomes, with MAIB's premiums remaining the lowest in Australia.
"This is despite the MAIB providing arguably the best overall no-fault benefits to those injured in motor vehicle crashes and achieving consistently high client satisfaction results.
"As at 1 July 2023, the highest premium for a standard motor vehicle in Australia was $607, compared to Tasmania's premium of $292.
"The MAIB continues to work with the Road Safety Advisory Council and Tasmania Police to implement highly effective advertising and public education messages, combined with appropriately targeted enforcement activities.
"In addition, the MAIB continues to provide significant contributions to a wide range of community organisations across the State, with $5.4 million provided to improve road safety, injury management as well as broader community support.
"A major component of the MAIB's funding is the Injury Prevention and Management Foundation, which funds research, education and service programs aimed at the prevention of crashes or reducing the severity, and improving the management of, injuries.
"The organisation again achieved a high client satisfaction rating, at 83.5 per cent.
"I congratulate and thank the MAIB on the exceptional service it provides to the Tasmanian community."
