Page 1949 - Week 05 - Thursday, 10 May 2018
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financial years that have been assumed to have a whole person impairment of (i) less than five percent, (ii) between six and seven percent, (iii) eight percent, (iv) nine percent, (v) 10 percent and (vi) more than 10 percent.
(2) How were the numbers and percentages in part (1) determined.
(3) What is the breakdown of the (a) total number and (b) percentage of not at-fault claimants under the current compulsory third party insurance scheme for each of the last three financial years that have been assumed to have a whole person impairment of (i) less than five percent, (ii) between six and seven percent, (iii) eight percent, (iv) nine percent, (v) 10 percent and (vi) more than 10 percent.
(4) How were the numbers and percentages in part (3) determined.
Mr Barr: The answer to the member’s question is as follows:
(1) The ACT’s current Compulsory Third Party (CTP) Insurance Scheme does not provide compensation for those at fault (or blameless) and injured in a motor vehicle accident; although most people can access reimbursement of up to $5,000 for early medical expenses.
The injury assessment measure of Whole Person Impairment (WPI) is not used in the ACT’s current CTP Scheme. Therefore the ACT does not capture or record this data.
The CTP scheme chosen by the citizens’ jury, introduces the use of WPI as an injury assessment measure. The Ernst and Young (EY) Estimated costs of alternative benefit designs for the ACT’s Compulsory Third Party (CTP) Insurance Scheme report publicly available on Your Say on CTP (www.yoursay.act.gov.au/ctp) provides a range of WPI estimates for at fault and not at fault claimants under the chosen scheme.
The EY estimates have been developed by reference to multiple data sets from the ACT, NSW, Victoria and Queensland as detailed in pages 37 38 of the EY report. Chapter 3 of the EY Report (pages 37 52) details their approach and key assumptions used to estimate the cost per policy and average premiums for the model designs.
(2) Please see answer to (1) above.
(3) Please see answer to (1) above.
(4) Please see answer to (1) above.
Insurance—third party
(Question No 1306)
Mr Coe asked the Treasurer, upon notice, on 13 April 2018:
(1) What is the breakdown of the compulsory third party (CTP) insurer profits margins for each financial year since 2014-15 to date.
(2) What is the breakdown of how the insurer profit margins compare to claim costs for each financial year since 2014-15 to date.
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