TAC Annual Report Tabled in Parliament

14 Sep 2012

MEDIA RELEASE: 14 September 2012

The Transport Accident Commission (TAC) has paid more than a billion dollars in support services and benefits to clients in 2011/12.

The TAC's Annual Report, tabled in State Parliament, shows a Performance from Insurance Operations of $351 million.

Chairman Paul Barker said while the overall scheme recorded a loss, largely driven by difficult external markets, it was pleasing that the insurance operations recorded a profit of $351 million compared to $187 million last financial year.

"As this measure separates out external factors, it is the key measure of the underlying health and strength of the scheme," Mr Barker said.

"This is a strong result that reflects our focus on efficiencies, accident prevention and strong claims management."

"The TAC has been in operation for 25 years in 2012 and for the first time support and benefits to clients reached more than a billion dollars. This result highlights the need to keep the TAC viable and support all our clients into the future," Mr Barker said.

"We take the responsibility of maintaining a strong financial position very seriously. After all, a financially sound TAC is the basis on which the Victorian community can rely on receiving support and assistance if they are in a transport accident."

"In 2011/12, we supported 44,410 clients, achieved a client satisfaction score of 7.33 out of 10 and 78% of clients were satisfied with the service we provided," Mr Barker said.

Key results for the TAC in 2011/12 included:

• $1.01 billion in support services and benefits for 44,410 clients
• Performance from Insurance Operations of $351 million
• Client satisfaction score of 7.33/10
• Actuarial release of $130 million
• Investment return of 4.2%.

Mr Barker said that 2011/12 had seen further progress of the organisation's long-term strategy, TAC 2015.

"We are focused on improving client outcomes, enhancing client experience and ensuring the ongoing financial viability of the TAC" said Mr Barker. 

For more information contact the TAC’s Emily Bogue on 0429 416 778.