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Question: How much Profit should a CTP Insurer make?



« Created by: Bias_2012 on: Oct 15th, 2017 at 2:15pm »

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CTP Insurers - how much profit is enough? (Read 2535 times)
Bias_2012
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CTP Insurers - how much profit is enough?
Oct 15th, 2017 at 1:54pm
 
This entire PDF is about CTP insurers' profits. If you can understand one word of it, I'll nominate you for a Nobel prize


Report of the
Independent Review
of
Insurer Profit
within
the NSW
Compulsory Third
Party Scheme


https://www.sira.nsw.gov.au/__data/assets/pdf_file/0003/95439/Report-of-the-Inde...
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Re: CTP Insurers - how much profit is enough?
Reply #1 - Oct 15th, 2017 at 2:15pm
 
Poll added

Keep in mind that if you check 2% or any thereafter in the poll, you are adding to your own financial burden if you never make a claim. If you never make a claim, all the money you paid out over the years is lost to you forever. On the other hand you may be a social being and don't mind how much profit CTP insurers make, because you've figured that it helps your fellow motorists who may have to make claims - like charity does!
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« Last Edit: Oct 15th, 2017 at 2:57pm by Bias_2012 »  

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Re: CTP Insurers - how much profit is enough?
Reply #2 - Feb 27th, 2018 at 10:12pm
 
Super profits have been reduced, profits now pegged to 8-12 percent

How I'd love to have a business where it is compulsory for customers to buy my intangible merchandise at set prices and a guaranteed profit

Per insurance company, approximately} 8% of $1,950,000,000 = $156,000,000 profit/year

The Government has turned these insurance businesses into "Cost-Plus" operations. What happened to "Competition" and "Efficiency" that privatization was supposed to bring to us?

The one very important problem with all this is that if you never make a claim over your motoring life, you lose every cent of about $27,000 you've paid. If you've never made a claim, what
tangible
benefit did you get? We should receive at least half or more of that $27,000 back. When you've aged and hand your license in, and if you never made a claim, all past promises by the insurance company become just that, promises, forced upon you by the Government. Meanwhile, the companies are $27,000 richer, not to mention the interest it earned and never offered any of it to you

Your thoughts on the matter?



“I can’t remember the last time insurance premiums came down,” Mr Dominello said.

“But green slips have come down because what we have done is got rid of super profits insurance companies were making.”

Mr Dominello said those super profits were as much as 30 percent.

Now insurance profits have been pegged to between 8 percent and 12 percent.



https://www.9news.com.au/national/2018/02/26/21/21/western-sydney-drivers-to-ben...
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Re: CTP Insurers - how much profit is enough?
Reply #3 - Mar 8th, 2018 at 5:47pm
 
Bias_2012 wrote on Oct 15th, 2017 at 1:54pm:
This entire PDF is about CTP insurers' profits. If you can understand one word of it, I'll nominate you for a Nobel prize


Report of the
Independent Review
of
Insurer Profit
within
the NSW
Compulsory Third
Party Scheme


https://www.sira.nsw.gov.au/__data/assets/pdf_file/0003/95439/Report-of-the-Inde...


So you think the government should regulate profit of a private operator ?

CTP is a pretty static product just go with the cheapest.
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Re: CTP Insurers - how much profit is enough?
Reply #4 - Mar 8th, 2018 at 9:55pm
 
RightSaidFred wrote on Mar 8th, 2018 at 5:47pm:
Bias_2012 wrote on Oct 15th, 2017 at 1:54pm:
This entire PDF is about CTP insurers' profits. If you can understand one word of it, I'll nominate you for a Nobel prize


Report of the
Independent Review
of
Insurer Profit
within
the NSW
Compulsory Third
Party Scheme


https://www.sira.nsw.gov.au/__data/assets/pdf_file/0003/95439/Report-of-the-Inde...


So you think the government should regulate profit of a private operator ?

CTP is a pretty static product just go with the cheapest.



They are private operators raking in compulsory premiums, and as such, they are not operating in a competitive market outside of their own group of six licensed greenslip insurers

In principle, compulsory insurance should be non-profit, because all sentiments of market induced influence and competition are expelled by the act of making the insurance compulsory. The companies could recover salaries, wages and expenses, but no profits. Making profits from compulsory premiums is not normal business, it's theft

If it wasn't compulsory, I'd have no objection to profit making, true competition deserves a profit

That said, my main gripe is they steal all your money if you never make a claim in your entire motoring life up until you hand your drivers license in. If you never make a claim, you should be entitled to get all that money back with interest minus administering costs. The promise the companies make to you to pay up in the event of an accident is intangible, but if you never make a claim, they get to keep your very tangible $27,000

If you think they should keep that money if you never make a claim, why would you think they should keep it?

Try to imagine you've reached the end of your motoring life and you've never made a claim
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Re: CTP Insurers - how much profit is enough?
Reply #5 - Mar 9th, 2018 at 9:09am
 
Bias_2012 wrote on Mar 8th, 2018 at 9:55pm:
RightSaidFred wrote on Mar 8th, 2018 at 5:47pm:
Bias_2012 wrote on Oct 15th, 2017 at 1:54pm:
This entire PDF is about CTP insurers' profits. If you can understand one word of it, I'll nominate you for a Nobel prize


Report of the
Independent Review
of
Insurer Profit
within
the NSW
Compulsory Third
Party Scheme


https://www.sira.nsw.gov.au/__data/assets/pdf_file/0003/95439/Report-of-the-Inde...


So you think the government should regulate profit of a private operator ?

CTP is a pretty static product just go with the cheapest.



They are private operators raking in compulsory premiums, and as such, they are not operating in a competitive market outside of their own group of six licensed greenslip insurers

In principle, compulsory insurance should be non-profit, because all sentiments of market induced influence and competition are expelled by the act of making the insurance compulsory. The companies could recover salaries, wages and expenses, but no profits. Making profits from compulsory premiums is not normal business, it's theft

If it wasn't compulsory, I'd have no objection to profit making, true competition deserves a profit

That said, my main gripe is they steal all your money if you never make a claim in your entire motoring life up until you hand your drivers license in. If you never make a claim, you should be entitled to get all that money back with interest minus administering costs. The promise the companies make to you to pay up in the event of an accident is intangible, but if you never make a claim, they get to keep your very tangible $27,000

If you think they should keep that money if you never make a claim, why would you think they should keep it?

Try to imagine you've reached the end of your motoring life and you've never made a claim


Its an insurance product its about an organisations risk profiling of such that will determine the price along with a competitive environment, not some weird principle you wish to happen. Without profits it would not be sustainable as it has cost which will vary from one organisation to another.

The way to keep it down is to police the rorting that goes on.
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Re: CTP Insurers - how much profit is enough?
Reply #6 - Mar 9th, 2018 at 1:58pm
 
You're being a bit recalcitrant

Use your intelligence and your common sense

NSW greenslips are a small part of the global business these major companies conduct each year

NSW greenslips is easy pickings for these insurance companies because greenslips are COMPULSORY

You are thinking in general free market and free enterprise terms. That doesn't apply when the State government is involved. The State government regulates how these companies operate as far as greenslips are concerned

The State government allows some profit, but not to rip off the motorist who are paying compulsory premiums because the government says the premiums must be compulsory

It's NOT a free market for these companies as far as NSW greenslips are concerned, but the companies, who are inherently greedy (greed is good they tell us) will underhandedly and undoubtedly try to maximize profits

Again, greenslips are not in the free market, the State government is involved and has a say, and act when necessary

If the premiums weren't compulsory, then the companies would really be in the free market and charge what they like, after which, the market itself would sort out the weak from the strong. This is how I suspect you would like it to be, if so, then you'd probably prefer greenslips to not be compulsory







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Re: CTP Insurers - how much profit is enough?
Reply #7 - Mar 9th, 2018 at 4:41pm
 
Bias_2012 wrote on Mar 9th, 2018 at 1:58pm:
You're being a bit recalcitrant

Use your intelligence and your common sense

NSW greenslips are a small part of the global business these major companies conduct each year

NSW greenslips is easy pickings for these insurance companies because greenslips are COMPULSORY

You are thinking in general free market and free enterprise terms. That doesn't apply when the State government is involved. The State government regulates how these companies operate as far as greenslips are concerned

The State government allows some profit, but not to rip off the motorist who are paying compulsory premiums because the government says the premiums must be compulsory

It's NOT a free market for these companies as far as NSW greenslips are concerned, but the companies, who are inherently greedy (greed is good they tell us) will underhandedly and undoubtedly try to maximize profits

Again, greenslips are not in the free market, the State government is involved and has a say, and act when necessary

If the premiums weren't compulsory, then the companies would really be in the free market and charge what they like, after which, the market itself would sort out the weak from the strong. This is how I suspect you would like it to be, if so, then you'd probably prefer greenslips to not be compulsory









Your being an idiot why would they charity work ?
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Re: CTP Insurers - how much profit is enough?
Reply #8 - Mar 9th, 2018 at 11:21pm
 
RightSaidFred wrote on Mar 9th, 2018 at 4:41pm:
Your being an idiot why would they charity work ?



I didn't say they did charity work. I implied that some consumers of greenslips may not mind how much profit the companies make because they feel that CTP insurance helps their fellow motorists' out in times of need. Thinking of others rather than themselves

This could be interpreted as having a "charitable" attitude .... towards fellow motorists

I've no doubt such an attitude is held by many motorists, who may be safe drivers themselves, but have empathy for potentially less safe drivers
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Re: CTP Insurers - how much profit is enough?
Reply #9 - Mar 11th, 2018 at 5:38am
 
Bias_2012 wrote on Mar 9th, 2018 at 11:21pm:
RightSaidFred wrote on Mar 9th, 2018 at 4:41pm:
Your being an idiot why would they charity work ?



I didn't say they did charity work. I implied that some consumers of greenslips may not mind how much profit the companies make because they feel that CTP insurance helps their fellow motorists' out in times of need. Thinking of others rather than themselves

This could be interpreted as having a "charitable" attitude .... towards fellow motorists

I've no doubt such an attitude is held by many motorists, who may be safe drivers themselves, but have empathy for potentially less safe drivers


Non Profit is charity work your being a recalcitrant idiot.

Again why do you want to regulate profit are you a pinko communist recalcitrant idiot ?

Many CTP providers charge a lot because they are not really interested in the segment others are more interested and will charge less to gain market share ...... its up to the providers, not some pinko-communist idea you have in your head.
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Re: CTP Insurers - how much profit is enough?
Reply #10 - Mar 11th, 2018 at 4:47pm
 
Bias_2012 wrote on Mar 8th, 2018 at 9:55pm:
If it wasn't compulsory, I'd have no objection to profit making, true competition deserves a profit



Read what what I said in an earlier post. Does that sound communistic?

You seem to have a one track mind about this subject ... it appears you don't care whether the insurance payments are compulsory or not ... and only stick to the basic principle of private companies making profits, as much profit as they can

But don't blame me that Lib Lab governments regulate CTP insurance, I've never voted for the Lib and Labs, and I've never voted for the Communist Party either

How about you post your opinion about these points so I can see what you really think about greenslip insurance

1) Do you think that greenslip insurance should be compulsory or voluntary?

2) If a motorist never makes a claim during their entire motoring life, do you think they deserve a partial refund or not, after they've handed their license in?

3) Would you like to see the State government stop regulating the six private insurance companies as far as compulsory greenslips are concerned?



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Re: CTP Insurers - how much profit is enough?
Reply #11 - Mar 14th, 2018 at 12:38pm
 
Bias_2012 wrote on Mar 11th, 2018 at 4:47pm:
Bias_2012 wrote on Mar 8th, 2018 at 9:55pm:
If it wasn't compulsory, I'd have no objection to profit making, true competition deserves a profit



Read what what I said in an earlier post. Does that sound communistic?

You seem to have a one track mind about this subject ... it appears you don't care whether the insurance payments are compulsory or not ... and only stick to the basic principle of private companies making profits, as much profit as they can

But don't blame me that Lib Lab governments regulate CTP insurance, I've never voted for the Lib and Labs, and I've never voted for the Communist Party either

How about you post your opinion about these points so I can see what you really think about greenslip insurance

1) Do you think that greenslip insurance should be compulsory or voluntary?

2) If a motorist never makes a claim during their entire motoring life, do you think they deserve a partial refund or not, after they've handed their license in?

3) Would you like to see the State government stop regulating the six private insurance companies as far as compulsory greenslips are concerned?



 


So you are a pinko communist scum bag insisting an item should not be profited off just because its compulsory ?

Not sure what your trying to prove by repeating your stupidity ?


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Re: CTP Insurers - how much profit is enough?
Reply #12 - Mar 15th, 2018 at 6:54pm
 
RightSaidFred wrote on Mar 14th, 2018 at 12:38pm:
So you are a pinko communist scum bag insisting an item should not be profited off just because its compulsory ?


Exactly right
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