The State Insurance Regulatory Authority (SIRA) will fund up to $1 million in a research round to improve the efficiency of the motor accidents Compulsory Third Party (CTP) insurance scheme.
The latest funding will be added to the $3 million SIRA has already committed to road safety programs this year.
SIRA chief executive Adam Dent said the current programs helped decrease the number of motor vehicle collisions in NSW in recent years. However, drivers under 25 have continued to be over-represented in crashes.
“Drivers under the age of 25 are still up to four-and-a-half times more likely to be involved in a motor vehicle collision and up to five times more likely to be involved in a motor vehicle collision resulting in death or a serious injury,” Dent said.
SIRA is committed to funding road safety programs that prevent or reduce injuries from motor accidents and improve safety education. It supports 14 road safety programs that align with the New South Wales (NSW) 2026 Road Safety Action Plan, which aims to halve road deaths and reduce serious injuries by 30% by 2030.
The regulator welcomes applications of various funding amounts and timeframes, with a total of up to $1 million available and projects to be delivered within 24 months of the project start. Applicants must respond to the expression of interest, which closes at 10am on May 26, 2023.
The additional funding follows SIRA's decision to recover $178.7 million in excess profit from CTP insurers after activating the transitional excess profit and losses (TEPL) mechanism.
