Green slip prices are reduced for NSW motorists

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Green slip reforms in action
The affects of the 1999 Green Slip Reform package are clearly being seen in the current green slip rates paid by NSW motorists for compulsory green slip insurance. From June 1999 through June 2004, Green Slip rates fell by 22% from an average of $441 to $343 in the Sydney metropolitan area. Rates dropped an additional 5.5% between June 2004 and June 2005, reflecting a significant total decrease of 26.5% since 1999. This drop in Compulsory Third Party insurance rates has proven to be good news for Australian motorists, particularly those who have suffered from serious injuries as a result of a motor vehicle accident.

Overview of green slip reforms
There were several objectives behind the 1999 Carr Government Green Slip Reform package. Along with giving priority compensation to those with the most serious injuries, the package also provided enhanced dispute resolution tactics for medical and legal issues, demanded that insurers commit to timely action on the part of the injured, and sought to provide all motorists with more affordable green slip insurance. The success of these reforms have been touted for several years by the insurance industry and the lower premiums in effect today seem to suggest that the system is working.

Insurance Council of Australia urges caution
While the Insurance Council of Australia is extremely positive about the reforms to CTP insurance, it also urges that insurers commit to maintaining premium reserves for long term claims that have yet to be resolved. Claims drawn on CTP insurance frequently take several years to finalise and the ultimate affects of green slip reforms cannot be fully understood until complete data has been received.

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