Average compulsory third party (CTP) claims costs in the ACT grew 11% to $132,204 last financial year, partly due to the finalisation of several multimillion-dollar payments.

Total payments made in the $1 million-plus category were twice those of the previous year, according to annual report figures. The bulk of claims finalised related to the 2014 and 2015 accident periods, with some from earlier years.

“These trends reflect both the existing CTP scheme design and the percentage of claimants who choose to pursue a court settlement for their claim,” the report says.

GIO has a 35.4% market share, up 4.5 percentage points, with NRMA Insurance’s share down 3.8 points to 56%. AAMI has a 7.8% share and APIA 0.8%, according to the figures.

The ACT is reviewing its CTP scheme, with a “citizen’s jury” this year putting forward ideas for improvement. A stakeholder reference group is to develop several models, with the jury to reconvene in March to recommend the best option to the Government.

The ACT Government says the present scheme does not cover everyone injured in a vehicle accident, and it can take up to two years or longer to get a full payout.

“Despite these gaps, the ACT has among the most expensive premiums in the country,” it says.