Territory Stories

Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)

Details:

Title

Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)

Other title

Tabled paper 1556

Collection

Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT

Date

2015-11-19

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/Details/C2019C01622

Parent handle

https://hdl.handle.net/10070/273151

Citation address

https://hdl.handle.net/10070/799706

Page content

Northern Territory Motor Accidents (Compensation) Commission Notes to the Financial Statements - 30 June 2015Annual Report 2015 Page 65 Motor Accidents (Compensation) Commission Notes to the Financial Statements 30 June 2015 Motor Accidents (Compensation) Commission Annual Report 2014/2015 51 19. Outstanding claims liability continued TIO Insurance & Banking 2015 2014 Gross Reinsurance Net Gross Reinsurance Net $000 $000 $000 $000 $000 $000 Brought forward 123,890 (29,626) 94,264 123,579 (24,627) 98,952 Effect of changes in assumptions 17,036 (4,112) 12,924 5,875 (103) 5,772 Increase in claims incurred/recoveries anticipated over the year 28,828 (4,572) 24,256 55,411 (15,131) 40,280 Incurred claims recognised in the Statement of Profit or Loss and Other Comprehensive Income 45,864 (8,684) 37,180 61,286 (15,234) 46,052 Net claim payments (33,426) 7,976 (25,450) (60,976) 10,236 (50,740) At 31 Dec 136,328 (30,334) 105,994 - - - Balance transferred to owner (Note 36) (136,328) 30,334 (105,994) - - - At 30 June - - - 123,890 (29,626) 94,264 MAC Fund 2015 2014 Gross Reinsurance Net Gross Reinsurance Net $000 $000 $000 $000 $000 $000 Brought forward 369,603 (29,488) 340,115 303,638 (31,444) 272,194 Effect of changes in assumptions 37,529 (5,516) 32,013 55,061 3,810 58,871 Increase in claims incurred/recoveries anticipated over the year 76,930 (28,730) 48,200 53,873 (3,664) 50,209 Incurred claims recognised in the Statement of Profit or Loss and Other Comprehensive Income 114,459 (34,246) 80,213 108,934 146 109,080 Net claim payments (42,257) 1,816 (40,441) (42,969) 1,810 (41,159) At 30 June 441,805 (61,918) 379,887 369,603 (29,488) 340,115 d) Claims development tables The following tables show the development of gross and net undiscounted outstanding claims relative to the ultimate expected claims for the nine most recent accident years.


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