Suncorp has welcomed the NSW Government’s decision to review its compulsory third party (CTP) insurance regime and has urged the state to adopt a no-fault scheme.

Suncorp Insurance Australia CEO Anthony Day says the State Government’s options paper provides “a welcome opportunity for real reform”.

Despite NSW having some of the highest-priced CTP premiums in Australia, “thousands” of people injured on state roads each year are not fully covered, he says.

“The introduction of defined benefits would significantly improve efficiency and enable a move to a fully no-fault scheme, meaning everyone injured on the road gets the care and support they need.

“Motorists in other states have the security provided by a fully no-fault scheme, and we now have the opportunity to bring those benefits to the people of NSW.”

Mr Day says reform that reduces uncertainty for insurers and increases competition will provide better value for motorists and a fairer system for injured people.

The Government’s review will focus on four objectives: increasing the proportion of benefits provided to the most seriously injured road users; reducing time taken to resolve claims; reducing opportunities for fraud and exaggeration; and reducing greenslip premiums.

Public consultation closes on April 22, and the Government plans to announce its response in the second half of the year.

The options paper is available here.