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Vic: TAC Claims And Payouts On The Rise, But Profits Still Growing Photo:
 
 
Trevor Collett | Sep, 18 2014 | 1 Comment

The Transport Accident Commission (TAC) in Victoria has tabled its annual report in state parliament this week, showing a rise in claims and payouts.

More than $1.1 billion was paid out in the last financial year - the most in the TAC’s 27-year history - to 47,115 people.

Total claims are up from 19,354 last financial year to 22,012 in 2013/14 (up 2658) but despite every record being broken for claims and payouts, the TAC’s operating profits are up as well.

From a loss of $12 million in 2012/13, the TAC accrued an after-tax profit of $499 million in the last financial year; $325 million of which came from ‘insurance operations’.

TAC Chair John Walter said the healthy profit was the result of efficiency and claim-management improvements along with a strong return from investments.

The Commission’s CEO, Janet Dore, added that improvements to service delivery had also aided in the strong showing.

"We are pleased to report that the vast majority of claims are accepted within five days of first contact, down from 70 days," Ms Dore said.

The TAC lists an $8 million ‘Enhanced Crash Investigation Study’ as one of its key achievements in 2013/14, with the program launching in March this year.

The rise in claims and payouts for the last financial year was predicted as far back as May 2013, when the TAC revealed the falling road toll had not been matched by a decline in road-trauma claims.

MORE: Victoria News | TAC News

 
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