Commissioner provides annual CTP scheme update and reveals impacts of COVID-19

Insurance Commissioner Neil Singleton and Taylor Fry’s Peter Mulquiney delivered MAIC’s CTP Annual Risk Premium Review Meeting findings on March 23 to a crowd of leading industry stakeholders.

The annual meeting was a chance for MAIC’s Insurance Commissioner, Neil Singleton to provide industry stakeholders with key insights and updates on Queensland’s CTP Insurance Scheme.

“Our annual CTP Risk Premium Review meeting shed light on one of our most dynamic years with COVID-19 restrictions impacting road use, yet Queensland’s CTP scheme remained stable and grew stronger through the 2020-21 period,” Mr Singleton said.

“The Insurance scheme responded well to the ‘shocks’ of 2020 and we remain focussed on delivering a number of programs in 2021-22 that will deliver targeted initiatives that will help reduce the incidence and effects of road trauma.”

More than 40 people attended the event at 1 William Street, which included Peter Mulquiney from Taylor Fry who provided an annual review of premium components as at December 31, 2020.

“Taylor Fry provided a range of insights including showing the effects of COVID-19 and claim farming reforms on claims and the emerging risks and trends in claims in a post-pandemic world,” Mr Singleton said.

“MAIC is committed to working with and supporting our industry partners and our Annual CTP Risk Premium Review meeting provides a direct platform for us to engage with and provide the latest data to best protect and maintain Australia’s most affordable CTP Scheme.”

Missed the meeting and want to learn more? Download the slide decks from the MAIC website 

Last modified 6 April 2021


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