About 61% of the premiums collected through Queensland’s compulsory third party (CTP) scheme covered claimant benefits in the last financial year, according to the scheme’s regulator.

The Motor Accident Insurance Commission (MAIC) says the figure represents a 5% increase over the past five-year average, fulfilling the regulator’s goal to keep claimant benefits at 60% of premiums or higher.

Profits for the four CTP insurers in Queensland – Allianz, QBE, RACQ Insurance and Suncorp – measured over the prior five-year period were 25%, which is 6% lower than the five-year average in 2017/18.

The four insurers charged an average premium of $347.20 for class 1 vehicles last year, and the average cost of a claim is about $102,098, according to the MAIC’s latest report.

The Australian Lawyers Alliance says the report again demonstrates the CTP scheme is “efficient” and “the best” in looking after injured motorists.

It says there is no need to reform the scheme, citing NSW as an example where injured motorists now receive fewer benefits after the state ditched its at-fault scheme for a hybrid no-fault arrangement in December 2017.

“In NSW, injured people have terrible access to benefits and compensation compared to their Queensland counterparts,” the Alliance’s Queensland State President Greg Spinda told insuranceNEWS.com.au.

“The ‘no-fault’ CTP scheme in NSW provides very limited benefits to injured people who face unreasonable thresholds, restrictions and preclusions throughout their claims. To think this costs NSW motorists more than what Queenslanders pay when Queenslanders receive more…”

The alliance’s support follows a push by RACQ Insurance for CTP reforms. Last month it held a “citizens’ jury” to collect suggestions to improve the scheme.

Insurers favour a no-fault scheme, saying such an arrangement focuses on rehabilitation and addresses the problem of legal “claim-farming” under the present system.

In December Queensland introduced new laws to crack down on the practice, and Mr Spinda says it is “important that the scheme is not undermined by the actions of a small minority”.

Claim-farming involves cold calls individuals asking if they have been involved in an accident and making promises of quick and easy compensation. The callers often use high-pressure tactics to extract personal details that are then sold to lawyers or other interested third parties.