SIRA targets young drivers, CTP affordability in new funding commitment

17 April 2023

The NSW State Insurance Regulatory Authority (SIRA) is providing another round of research funding, of up to $1 million, for ways to improve young driver road safety behaviour and compulsory third party (CTP) premium affordability.

The funding is on top of the $3 million that SIRA has already committed to road safety programs this year.

SIRA has an ongoing commitment to fund road safety programs that prevent or reduce injuries from motor accidents and improve safety education, supporting 14 road safety programs that align with the NSW 2026 Road Safety Action Plan.

The plan aims to halve road deaths and reduce serious injuries by 30% by 2030.

SIRA CEO Adam Dent says current programs have contributed to the decline of motor vehicle collisions on NSW roads in recent years, but drivers under the age of 25 continue 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,” he said.

“SIRA is investing up to an additional $1 million in research projects that target this concern.”

The insurance regulator is now inviting expressions of interest from research projects capable of providing a “proven cost-effective solution, technology or initiative that will impact the behaviour of young and novice road users and CTP premium affordability,” Mr Dent said.

Successful applicants will need to deliver within 24 months of the project start.

Closing date for applications is May 26.

Click here for details.