Annual MAIC review of premium component insights
The Queensland CTP scheme’s independent actuaries, Taylor Fry, led by Principal Peter Mulquiney and Director Danielle Ling recently presented findings from their annual review of premium components.
The review found that claim frequency is currently at a historic low (0.159%). The total change in the estimated risk premium is only +$0.29, compared to 31 December 2023. This is due to increases in average weekly earnings, average claim size, and other assumptions being offset by a reduction in core claim frequency.
Licensed insurers and representatives from the Queensland Law Society and the Australian Lawyers Alliance, along with the MAIC advisory committee were present to share in Taylor Fry’s insights.
The event was introduced by David Vincent (General Manager, MAIC), who thanked the audience for attending, highlighting that we’d been seeing quite a lot of stakeholders recently thanks to the QUT Research Sprint engagement work, and that we’ll be continuing to work with them.
The presentation was followed with a meeting with the Australian Lawyers Alliance (ALA) and Queensland Law Society (QLS), and meetings with each of the licensed insurers to provide them with an opportunity to ask the Taylor Fry team and MAIC questions.
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