Current factors and trends influencing the cost of insurance under Queensland's CTP insurance scheme
21st Dec 2023
The ALA has been authorised to publish a submission we made in November 2023 to Queensland’s Motor Accident Insurance Commission (MAIC) as part of MAIC’s ongoing series of consultations with stakeholders on current factors and trends influencing the cost of insurance under Queensland’s Compulsory Third Party scheme (CTP scheme).
In our submission, the ALA focuses on the impact of RACQ exiting the CTP scheme, which we contend will not affect the fundamentals of the CTP scheme. Queensland’s CTP scheme can remain efficient, affordable and well-run.
Instead, the ALA submits that the focus for all involved in Queensland’s CTP scheme must be on claims management practices – that is, providing good claimant experience, ongoing high levels of claimant benefits, whilst retaining common law rights and ensuring scheme sustainability.