Queensland’s CTP scheme has again been confirmed as the most affordable scheme in the country, following the release today of the 2019 CTP Scheme Insights Report from the independent regulator the Motor Accident Insurance Commission (MAIC).
“Today’s independent report once again shows that Queensland has the most affordable CTP premiums in Australia, with the scheme renowned for being fair to injured motorists,” said Mr Greg Spinda, Queensland State President, Australian Lawyers Alliance (ALA).
“The report confirms that the Queensland CTP scheme is the best in the country and, despite calls from major insurers RACQ and Suncorp, does not need to be changed.
“As this report shows, the Queensland CTP scheme is regularly reviewed and evaluated independently as it should be, with many groups – including those within the legal profession – continuing to participate and engage in these reviews to ensure that we have a fair and affordable scheme in Queensland.
“Such processes are the appropriate forums for reviewing the scheme and stand in stark contrast to RACQ’s Re-Think CTP citizen’s jury process, which remains irrevocably conflicted as it is being run and funded by RACQ, a major insurer within the scheme.”
The MAIC 2019 Scheme Insights Report shows that the scheme is efficient with 61 per cent of premiums being spent on claimant benefits and 39 per cent spent on delivering the scheme last year.
“Queensland has an affordable, fair and rights-based scheme that enables injured people to receive the compensation they need to pay for their medical costs and recover any economic loss they have suffered,” said Mr Spinda.
“Changing Queensland’s CTP scheme to a no-fault scheme, as has been proposed by some insurers, will mean higher prices for all drivers, less compensation for injured motorists and more profits for big insurance companies like RACQ and Suncorp.”
The complete MAIC report can be read here: https://maic.qld.gov.au/wp-content/uploads/2020/02/2019-CTP-Scheme-Insights.pdf