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State insurer back in black

THE Insurance Commission of Western Australia has reported a consolidated operating profit of $22.6 million for the 2002-03 year – a turnaround from last year’s $49 million loss.

At the end of the financial year, net assets of the Insurance Commission increased from $93.6 million to $116.2 million.

The Insurance Commission’s principal activity is to underwrite the compulsory motor vehicle third party personal injury scheme in WA.

Government Enterprises Minister Nick Griffith said the Third Party Insurance Fund reported an operating profit of $37.5 million – in a year without any premium increases.

"During 2002-03 the Insurance Commission paid $250.5 million [gross] in motor vehicle personal injury claims," he said

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