Overview
This quarter, Queenslanders continued to benefit from a stable, fair and affordable compulsory third-party (CTP) insurance scheme.
Between January and March 2022, we:
- shared the claimant survey results with industry, identifying four key actions to progress, to improve claimant outcomes
- presented to key stakeholders and industry representatives on the key insights and trends for 2022-2023
- continued to examine the impact of COVID-19 and the flooding events and their effect on mobility and any impacts on the incidence of road crashes and road trauma
- finalised the memorandum of understanding between MAIC and NIISQ, combining the agencies
- continued to monitor insurer compliance with the Motor Accident Insurance Act 1994 including finalising further claims audits
- continued to enhance MAIC’s digital claims process including development and testing of the Security Model for Insurers and Lawyers. This model will assist in reducing red tape and provide both Insurers and Lawyers with the autonomy to manage their own user access
In the upcoming quarter, we will:
- finalise our complaints protocol with insurers
- provide funding to Bionics Queensland to run the Bionics Challenge focused on trauma management in 2022
- continue to review and improve our forms to allow for digital pathways for document execution in line with recent amendments made to the Oath Act 1867
- assist the Department of Justice and Attorney-General and Office of Industrial Relations in relation to claim farming related information or insights in the context of the Personal Injuries Proceedings and Other Legislation Amendment Bill 2022
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Explore our graphs below to learn more about our scheme’s performance.
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Premium
CTP premium breakdown
This quarter, CTP insurance premiums continued to remain stable for Queensland motorists.
New claims
Number of new claims per quarter
The number of new claims added to the scheme decreased in the first quarter of 2022. While this is in line with seasonal trend, the decrease could also be due to a delay in claims being processed, and a reduction in traffic volume in early 2022.
Work continues with the Department of Transport and Main Roads and Queensland Police Service on initiatives to reduce the incidence and effects of road trauma.
Proportion of claims added per quarter
The pattern shows that the majority of people (74.7%) are choosing to be represented by a Queensland law firm to lodge their CTP insurance claim. There has been a slight increase in some people (22.7%) choosing to lodge their claims directly with the CTP insurer.
Number of claims added per quarter by severity
This quarter, there is a continued reduction in claims with a severity of moderate or above.
CTP insurers
Insurer market share
Market share for insurers has had minimal changes for the quarter, with a continued steady growth for RACQ.
New registrations through motor dealers
Motorists select their CTP insurer when they purchase a new or used vehicle through the motor dealer. Most large motor dealer networks in Queensland use the Dealer Agency Interface System (DAIS) to register vehicles and CTP policies. The data obtained from DAIS, provides us with the insights that the new CTP registration market continues to maintain consistency.
Number of motorists switching insurers
In this quarter, the number of motorists switching insurers were consistent with previous quarters.
Nominations to switch insurer
Some motorists elect to switch insurers during the term of their policies or when their policies are due for renewal. This quarter, RACQ and Suncorp continue to have more motorists switching to them than switching away from them, resulting in net gains in policies through switching.
Legally-represented claimants – Average claim duration (months)
We continue to monitor insurers’ legislative compliance and claims management practices, including claim durations and stages of settlement. Where variations exist between insurers, we are analysing the data and consulting with insurers to understand the reasons behind it. The duration of a claim can be influenced by injury severity, circumstances around liability, evidence gathering, and claims management approach.
Direct claimants – Average claim duration (months)
People who lodge their claims through legal representatives often experience a longer claim duration, the related length is often due to people seeking legal assistance when the nature of their claim is more complex. Direct claimants will often experience shorter claim durations.
Traffic volume
Average growth rates in traffic flow compared to corresponding months in 2019
Traffic volumes decreased in the first quarter of 2022 compared to 2019 level, likely due to COVID and flood-related disruptions.
Vehicle registration
Number of registered vehicles by vehicle class
A steady growth for the quarter has been maintained for the number of registered vehicles, growing by 0.72%.
Respectively, the vehicle classes with the greatest change included a rise of 2.16% for class 4 hire vehicles, which is back to levels similar to March 2020. Class 3 taxis and class 26 booked hire vehicles and limos continue to decline, with a reduction in class 3 of 1.53% and class 26 of 4.74%.
Additionally, class 24 heavy trailers have experienced a significant increase of around 40% in the last three years.
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