Quote:
|
Originally Posted by StrokedXT
you have no idea at all
|
Really well educate me than eh.
In 2006 the CTP scheme in NSW collected $1.4 billion in premiums and paid out $193 million now true enough thats not 30000% I think i heard that figure on the news last year when they slugged all motor cycle and unique car owners with a $100 extra levy.
But for the year 2006 which is all i can find figures for its
7253.8% gross profit now even allowing for a fair profit and overheads they really should not exceed 30% of takings thats a heck of alot and that does not allow for the traditional profit areas of insurance company's IE investing the premiums and making money from that, back when things were fairer the insurance companys would pay out as much as they receive but make money from investing the funds received.
The MAA has done a few things to make the insurers pay out more and reduce their premiums of late but its not enough I think its time that the government took back the scheme and administered it and the fund themselves much like the kiwis do for most of their insurances.