TV Appearance: ABC 730 Report - Accident Insurance

The motor vehicle insurance system in NSW is broken, and the insurance companies love it that way. This story from the ABC exposes the heartbreaking impact on the injured, the super-profits of unaccountable insurers, and a failed regulator ignoring the public interest.
The most damming evidence of this sorry situation is the estimates of the insurance companies' own actuaries, tasked with forecasting profits. These predictions have been consistently wrong in one direction only, undervaluing the industry's profits by over $1.5 billion. That's over $1.5 billion kept out of the hands of victims who have had their lives destroyed, often through no fault of their own.
The simple solution to this is a strong, responsible regulator that fulfils its obligations to the industry, to motorists, and to the wider public. NSW deserves a fair and humane insurance system that protects the injured when they need it most. The Motor Accidents Authority must be reformed, and empowered to resolve the unjust profiteering that leaves victims in the cold.

Category:

News & Politics

Tags:

• ABC
• 730 Report
• Greens
• NSW
• Accident
• Motor
• Insurance
• Profiteering
• News
• Australia
• New South Wales