The SA Treasury expects less revenue from general insurance duties in 2015/16, reflecting lower premium growth.

The state budget forecasts total taxation from general, life and compulsory third party (CTP) premiums will raise $441 million, compared with $446 million expected this financial year.

SA raised $309 million from general insurance taxes last financial year. It expects $323 million this financial year and $315 million in 2015/16.

CTP insurance raised $52 million in 2013/14, and is forecast to raise $48 million this year and $50 million next year.

Budget papers show forecast increases of slightly more than 1% in total insurance take for the following three financial years.

Last year’s budget announced the CTP market would be opened to the private sector, with surplus funds from the Motor Accident Commission transferred to a road-building fund.

This year’s budget papers say total distributions of $1.2 billion are expected, with $852.9 million paid last December.