AAP General News (Australia)
04-26-2000
Qld: Compulsory third party premium fall
BRISBANE, April 26 AAP - Compulsory Third Party (CTP) insurance premiums on cars and
station wagons would fall by $26 to $260 from July 1, Treasurer David Hamill said today.
Mr Hamill said the reduction in premiums on Class 1 vehicles was due to slower growth
in claims size, savings in insurer expenses allowances and better investment returns following
the government's reform of the CTP since April last year.
A report by the Motor Accident Insurance Commission showed that only 62 per cent of
money raised by CTP premiums was actually going to road accident victims in compensation
and the rest was being taken up in lawyers' fees and swelling the coffers of insurance
companies, Mr Hamill said.
The CTP insurance premiums announced today would take effect from July 1 to September
30 and further savings were expected from October 1, he said.
AAP rad/jfs/jtb
KEYWORD: CTP
2000 AAP Information Services Pty Limited (AAP) or its Licensors.
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