CTP premiums are the most affordable on the mainland. The exit of RACQ didn’t affect premiums but caused the remaining three insurers to take up market share. Here is a snapshot of CTP in Queensland.
CTP premium prices
CTP premiums in Queensland remain the most affordable on the mainland, according to the latest Motor Accident Insurance Commission (MAIC) report. At Dec 2023, the Class 1 premium was $369.60. (It remains at $369.60 in the second quarter of 2024.)
Premiums have nudged up by 5% in the past 3 years, mainly because of the rising National Injury Insurance Scheme (NIISQ) levy to cover people with serious injuries. While the insurer share of premiums increased only 0.7% during 2023, their expenses have fallen slightly. Insurers receive half (50.2%) the premium and the NIISQ levy is around a third (32.2%) of the total cost.
New CTP claims
CTP in Queensland is based on fault, so it is common to seek legal representation.
- Claimants made 75% of claims in 2023 and 79% of claims in 2022 through lawyers.
- The number of new claims lodged during 2023 was around 7,700 (7,300 in 2022).
There are two types of claims: minor injury and moderate or above injuries. In 2023, there were 6,296 total claims for minor injury and 1,532 claims for moderate or above injuries. During 2023, there were 5% more claims than in 2022 but the 80:20 ratio of minor injury and moderate or above injury was the same.
Duration of CTP claims
When people make claims through a lawyer, they can expect the whole process to take about 27 months. This is three times longer than if they made the claim themselves. However, cases made through a lawyer are often more complex. For example, duration depends on how severe the injury, who is liable, and time spent gathering evidence.
| Insurer | Duration of legal claim/months | Duration of direct claim/months |
| Allianz | 29.0 | 13.9 |
| QBE | 24.7 | 7.9 |
| RACQ | 25.1 | 9.9 |
| Suncorp | 26.9 | 7.3 |
| Industry | 27.0 | 8.9 |
Qld insurer market share
RACQ exited CTP in Queensland on 1 October 2023. As a result, Suncorp, Allianz and QBE have all increased their market share based on premiums received. This reversed a 3-year trend of RACQ increasing its market share.
| Suncorp | Allianz | QBE | RACQ | |
| Dec 2020 | 43.08% | 26.33% | 7.86% | 22.73% |
| Dec 2021 | 42.79% | 25.16% | 7.52% | 24.53% |
| Dec 2022 | 42.61% | 23.71% | 7.62% | 26.05% |
| Dec 2023 | 52.23% | 31.91% | 15.36% | 0.50% |
More vehicles being registered
The number of vehicles being registered in Qld increases every year. In Dec 2023, there were 4.9 million vehicles, up 3.4% on Dec 22 and more than the 3.1% increase seen in the previous year.
With more vehicles on the road, there is more chance of accidents leading to claims on CTP in Queensland. Choose your insurer here.