Just released: latest annual scheme retrospective profit report

The latest annual retrospective profit report for Queensland’s compulsory third party (CTP) insurance scheme is now available. View the Retrospective profit study of Queensland CTP premiums as at 5 June 2023 (PDF, 1MB) by independent actuary Taylor Fry.

The report confirms that actions taken by the Motor Accident Insurance Commission (MAIC) since the 2016 scheme review have effectively addressed persistently high insurer profits reported at that time. The scheme remains profitable for insurers although recent inflation has influenced overall profitability. MAIC will continue to monitor scheme trends.

MAIC has noted in previous years that while scheme profitability remains sound, individual insurer profitability is quite varied. To assist in understanding this variation, our consulting actuary has now included the highest and lowest individual insurer profit margins on an anonymised basis. MAIC consulted with the four licensed insurers prior to taking this step. The scheme average profitability over the past five years is recorded at 9% with individual results ranging from 25% down to -5%.

The profit margins are the consulting actuary’s estimation based on available scheme data. Actual insurer profitability may vary from this due to factors that cannot be observed by MAIC or our actuaries. It should also be noted that when looking at profitability over multiple years, there may be more than one insurer’s result that has contributed to the highest or lowest outcome.

The variation can be due to a number of factors including the effectiveness of each insurer’s business strategy, sales and distribution, brand appeal and operational performance. The four licensed insurers all operate within the same scheme legislative and regulatory rules and boundaries.

To read more scheme insights, reports and trends visit our Scheme knowledge centre.

Last modified 27 June 2023


Got a minute?

We'd love your feedback on our virtual assistant.

Start survey

No thanks

Hello, I'm Andi. I'm here to help you with your CTP related enquiries.