Territory Stories

Statement of Corporate Intent MAC Business 1 July 2006 to 30 June 2009

Details:

Title

Statement of Corporate Intent MAC Business 1 July 2006 to 30 June 2009

Other title

Tabled paper 822

Collection

Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT

Date

2007-02-22

Description

Deemed

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/283640

Citation address

https://hdl.handle.net/10070/410715

Page content

3 MAC BUSINESS 3.1 Introduction The following sections provide more detailed information in relation to: Market and Industry trends in which MAC operates MAC performance and market shares Other external factors impacting on MAC MAC Strategic Statement MAC - Implementation Strategies and Activities, and Key Performance Indicators and associated financial and non-financial matters. All of these matters have been taken into account in formulating MAC'S strategy of achieving sustainable solvency levels, efficiencies and appropriate economic support to those injured in motor accidents over the relevant planning period of 1 July 2006 through to 30 June 2009. 3.2 Market and Industry Trends Motor Accident Compensation Schemes Although the structure of motor accident compensation schemes in Australia differ substantially across jurisdictions, there are many common issues facing all schemes. A focus on case management with heavy reliance on evidence-based medicine, injury management initiatives, increased usage of treatment guidelines and staff development and training. A heavy reliance on technology to support case management, with emphasis on workflow systems and management information. All schemes are aiming at improved service delivery and are supporting national benchmarking. Long term care of the catastrophically injured has been reviewed at a national level and is likely to result in significant changes to scheme design, particularly in fault-based schemes. The ability of common law jurisdictions remaining relevant in the long term is becoming more doubtful. Increasing health care costs and growing requirements for residential care facilities is on the agenda in all jurisdictions. All States and Territories have experienced reductions in claims frequency and reduced fatalities over recent years, but are now finding the experience to be deteriorating. Sustained investment performance, with resultant easing of pressure on premium rates. A primary point of difference between MAC and other Schemes is the high reliance on reinsurance against catastrophic claims. This is reflected by reinsurance cost representing 18.25% of gross premium in the 2006/07 budget, compared to other schemes that range from 0.22% to 3.73%, with an average of 0.75% (Victoria, South Australia, Tasmania and Western Australia). This impacts on the ability to effectively benchmark MAC. 20 Statement of Corporate Intent - MAC


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