Page 1055 - Week 03 - Thursday, 23 March 2017

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• CTP Regulator Levy: $1.00; and

• Short term registration surcharge: $10.00.

(7) The following figures are provided from the act.rego system, other than the Lifetime Care and Support Levy and the CTP Regulator Levy, which are collated from the CTP Regulator and LTCS Fund Financial System.

a

b

c

d

e

2012-13

$m

2013-14

$m

2014-15

$m

2015-16

$m

2016-17 YTD *

$m

Original registration surcharge for motor vehicle

$2.811

$2.780

$2.953

$3.179

$2.216

Original registration surcharge for a trailer or a motorcycle

$0.259

$0.274

$0.282

$0.292

$0.202

Short term registration surcharge

$5.652

$5.994

$4.228

$2.735

$1.951

Late transfer fee

$0.517

$0.522

$0.515

$0.519

$0.353

ACT Registration Road Rescue fee

$3.073

$3.088

$3.269

$4.810

$3.187

Road Safety Contribution

$0.541

$0.551

$0.566

$0.703

$0.470

Lifetime Care and Support Levy

$0

$0

$9.666

$9.522

$6.554

CTP Regulator Levy

$0.196

$0.456

$0.473

$0.489

$0.334

* The figures for 2016-2017 YTD are up to 1 March 2017 12pm.

(8) Section 203 of the Civil Law (Wrongs) Act 2002 required insurers to provide, in relation to the ACT market, annual returns providing a range of insurance information, including the quantum of claims paid. This included CTP motor vehicle insurance.

Caution should be exercised in drawing any comparisons between the ‘premium paid to insurer data’ (provided in question 4) and the ‘claims paid data’ in this question, as the latter data, although paid out in the relevant financial year listed, relates to premiums collected in the year of the accident (often previous financial years).

a) In 2012-13 the:

Value of claims paid by the insurer (including the expense incurred in managing the claim) totalled $89.303 million;*

* This figure includes the total combined amount for Employers’ liability, Aviation and CTP motor vehicle insurance for 2012-13, given the small number of insurers operating in these markets. A combined total was necessary to protect the confidentiality of each insurer’s report. In the case of CTP, NRMA was the sole CTP insurer for the ACT during 2012-13.

b) In 2013-14 the:

Value of claims paid by the insurer (including the expense incurred in managing the claim) totalled $95.608 million; and

c) In 2014-15 the:

Value of claims paid by the insurer (including the expense incurred in managing the claim) totalled $91.570 million.

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