Increase The _Profit For CTP Insurers In NSW As Premium Prices Skyrocket-The Big INSURANCE Companies are growing to pay more than $300 million for this year, including as a compulsory of the third party insurance company profits in NSW known as premium prices skyrocket.
Profit hikes in February mean Insurance Companies are almost paying 70 per cent their green slips, it compare than its condition in last five years - making NSW easily the most expensive state for CTP cover.
NSW Finance Minister Greg Pearce Market Strategy official in February allowed insurance companies to increase their CTP premiums by only up to 15 per cent.
it had been pressured for approve and incrasing the price, because insurance companies threatened to pull out of the CTP scheme altogether said Mr Pearce.
And Unfortunately only four months later, he was the inspirator to conduct this insurance price - in order to reduce premiums Insurance Price by up to 15 per cent. The controversial was coming from th legislation had to be withdrawn from parliament last week after key crossbench MPs indicated that "they could not support the proposed changes any more", and surely it would reduce the payouts to accident victims.
NRMA's fears for green slip reforms
Crossbench MPs indicated their refusal to vote with the government on the legislation was partly due to revelations in The Daily Telegraph about the close links between Mr Pearce and Liberal lobbyist Michael Photios - who represents a number of major insurance companies. Mr Pearce has refused to comment on the matter, while Mr Photios has not returned calls.
Opposition finance spokesman Michael Daley said the government had serious questions to answer about why it allowed companies to put through a price hike, if their aim was to reduce premiums.
"It just so happens that the three insurance companies who were granted some of the biggest price hikes by Minister Pearce are also clients of Michael Photios," Mr Daley said. "Does Greg Pearce have questions to answer? You bet."Latest price estimates show people in NSW are paying an average $518 for green slips, which adds up to 37 per cent of the average weekly wage.
Nowday , Insurance companies pay more than 10 per cent higher than the next most expensive state (for example in the South Australia) and more than twice the amount paid by lucky motorists in WA, who spend an average of just $247 - or 16 per cent of that state's average weekly wage - on premiums.
NSW government scraps green slip changes
But according to the Motor Accidents Authority, insurance companies have got valluable profit an average 19 per cent of the billions of dollars paid in premiums by NSW drivers from 2000-2010. Going on that 10-year trend, profits last year would have equated to more than $340 million.
Profit hikes in February mean Insurance Companies are almost paying 70 per cent their green slips, it compare than its condition in last five years - making NSW easily the most expensive state for CTP cover.
NSW Finance Minister Greg Pearce Market Strategy official in February allowed insurance companies to increase their CTP premiums by only up to 15 per cent.
it had been pressured for approve and incrasing the price, because insurance companies threatened to pull out of the CTP scheme altogether said Mr Pearce.
And Unfortunately only four months later, he was the inspirator to conduct this insurance price - in order to reduce premiums Insurance Price by up to 15 per cent. The controversial was coming from th legislation had to be withdrawn from parliament last week after key crossbench MPs indicated that "they could not support the proposed changes any more", and surely it would reduce the payouts to accident victims.
NRMA's fears for green slip reforms
Crossbench MPs indicated their refusal to vote with the government on the legislation was partly due to revelations in The Daily Telegraph about the close links between Mr Pearce and Liberal lobbyist Michael Photios - who represents a number of major insurance companies. Mr Pearce has refused to comment on the matter, while Mr Photios has not returned calls.
Opposition finance spokesman Michael Daley said the government had serious questions to answer about why it allowed companies to put through a price hike, if their aim was to reduce premiums.
"It just so happens that the three insurance companies who were granted some of the biggest price hikes by Minister Pearce are also clients of Michael Photios," Mr Daley said. "Does Greg Pearce have questions to answer? You bet."Latest price estimates show people in NSW are paying an average $518 for green slips, which adds up to 37 per cent of the average weekly wage.
Nowday , Insurance companies pay more than 10 per cent higher than the next most expensive state (for example in the South Australia) and more than twice the amount paid by lucky motorists in WA, who spend an average of just $247 - or 16 per cent of that state's average weekly wage - on premiums.
NSW government scraps green slip changes
But according to the Motor Accidents Authority, insurance companies have got valluable profit an average 19 per cent of the billions of dollars paid in premiums by NSW drivers from 2000-2010. Going on that 10-year trend, profits last year would have equated to more than $340 million.
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