Green slip insurers accused of pocketing billions at expense of motorists
Insurers have been accused of pocketing almost $4 billion from injured motorists after the introduction of green slip reforms.
The reforms were meant to reduce the cost of green slips but now victims of car accidents aren’t being properly compensated.
The NSW Bar Association found between December 2017 and March this year, more than 7.8 million green slip policies were issued at a total cost of more than $3.915 billion.
But just $132.3 million has been repaid to motorists.
Bar Association president Tim Game SC tells Steve Price more reform is needed.
“You have to kind of dig into the detail to see what the problem is but it’s a mighty serious one.
“If you look at the figures going back over 20 years these insurers have been making profits well over 20 per cent, year after year, so to describe it as insurance for motorists is a joke.”
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