FOR the first time since 1979, ACT motorists will have a choice of providers for compulsory third party insurance.
AAMI, GIO and Apia (the Australian Pensioners Insurance Agency) have been granted licences to offer CTP insurance to ACT motorists. The licences will become effective on July 1. There is currently only one provider – NRMA Insurance – of CTP in the ACT.
“Competition in our CTP market will bring the obvious benefit of choice,” Treasurer Andrew Barr, pictured, said.
“Competition also offers greater opportunities for innovative insurance products, more investment and employment in the ACT, and new thinking about how people injured in a motor vehicle accident might be rehabilitated and returned to health.”
The CTP Regulator is expected to consider premium submissions from the three brands after July 1 in accordance with ACT CTP law. Premium setting in the ACT is based on independent actuarial advice; it is not a government decision.
Motor vehicle registration renewal notices issued after the new premiums are approved will include information about the range of CTP providers.
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