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Report shows costs of accidents increasing


Date: 14 March 2013

National Transport Insurance has highlighted the increase in accident severity detailed in its new 2013 Major Accident Investigation report.

The new report, part of a series released by NTI since 2002, reviewed serious Australian heavy vehicle crash data from 2011 and was released last week at the International Road Safety Convention in Sydney.

The cost of serious accidents reported to NTI has risen from $44M in the 2011 Report, to $54.7M in this 2013 Report.

In contrast, the report shows a decrease in the number of major truck accidents; however the industry’s leading insurer does not see this flowing on to reductions in premiums.

 “The continuing increase in the severity of claims means that insurers are experiencing a growing total claims cost, rising reinsurance costs and poor financial market returns,” said NTI CEO, Tony Clark.

 “Several states have also experienced natural disasters, such as flooding, since the data in this 2013 report was compiled and analysed.

“It is fantastic to see a decrease in the number of serious truck accidents, however there are a range of factors included when determining a premium.”

Other key findings from the report included:

  • Inappropriate speed for the conditions was found to be the leading cause of serious accidents at 25.4%. This is down from 31.8% in the previous report.
  • 12.1% of serious accidents were attributed to non-impact fires, with over 60% of these losses originating from engine and cabin fires.  This is a marked increase from previous studies.
  • The number of major losses has escalated in both Queensland and Western Australia.
  • 22.4% of serious truck crashes occurred on Australia’s National Highway 1.  Queensland’s Bruce Highway was the worst with proportionally more incidents than any other major road.
  • Western Australia’s Great Northern Highway continued to experience an increase in major truck crash frequency.
  • The Hume Highway is the best performing highway with the lowest frequency of major accidents.

To download a copy of the report, click here.

 

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Insurance products are provided by National Transport Insurance, a joint venture of the insurers Insurance Australia Limited trading as CGU  Insurance ABN 11 000 016 722 AFSL 227681  and AAI Limited Trading as Vero Insurance ABN 48 005 297 807 AFSL 230859 each holding a 50% share. National Transport Insurance is administered on behalf of the insurers by its manager NTI Limited ABN 84 000 746 109 AFSL 237246.
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