An independent review has concluded Queensland’s compulsory third party (CTP) insurance scheme is strong and does not require major reform.

The review, which began a year ago, measured the scheme against four guiding principles: affordability, efficiency, fairness and flexibility. Extensive consultation was held with insurers, lawyers, researchers and motorists.

While major changes are not proposed, the committee’s final report makes 19 recommendations, including taking immediate action to address the issue of high insurer profits, improving consumer awareness and implementing a legal fee-reporting model to enable greater transparency.

The Motor Accident Insurance Commission says it supports all 19 recommendations and “will work closely with industry on implementation”.

The review committee was led by Henry Smerdon, Queensland’s former under-treasurer and the current Chancellor of Griffith University.

To see the full report, click here.