There have been a number of posts on this topic in recent times and following some recent moves in State parliament I believe that we need to consider talking to our local state politicians about the current proposal to reduce benefits to those injured so that premiums can be reduced in NSW and we all know how ridiculously high they are now.
The industry profits from Greenslips are supposed to be set at 8% but during recent debate in the NSW Parliament Paul Lynch member for Liverpool stated that the insurance industry take from Third Party Insurance has risen to 19% after all costs have been met and that proposed changes to third party insurance will mean there will be even less support for those injured and even greater profits for the Insurance companies.
I know we are only members of the public who should not get excited about being treated with contempt but I for one cannot help but get a little upset and I have phoned my local member to let her know just how much I really would like to make a larger donation to the Insurance Industry, to ensure they don't end up like Ford and have to close down or ask the Government for more financial assistance.
Its now time to speak up or this legislation will go through and we the people will be the big losers, and the Insurance companies will laugh all the way to the bank.
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Rego's Road Tax and now compulsory insurances, will it never end. Have taken it up with my local pollies but I won't hold my breath for any action NSW is so broke it's a wonder they have a credit rating. But in this instance the insurance industry gets that 19% for purely claims administration so any payout has no effect on their bottom line in fact the bigger and more of the better it's for them under this arrangement . I wonder if Macquarie street could be trusted to run a bath let alone the state
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My granddaughter asked if she should follow family and go into medicine and I suggested Law the hours are shorter and the bottom line is greater and the risk insurance less You can practice law from the back of a station wagon try that with mainstream medicine and they lock you up
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