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From today Canberra motorists have a choice of providers for compulsory third party (CTP) insurance.
Last month Chief Minister Katy Gallagher and I announced that three insurers: AAMI, GIO and Apia (the Australian Pensioners Insurance Agency) had been granted licences to offer CTP insurance to ACT motorists.
These three insurers are offering CTP premiums to motorists from today.
It is the first time since 1979 that Territory motorists have a choice of CTP provider – until today there was only one provider of CTP insurance.
Motor vehicle registration renewal notices will now include information about the range of CTP providers.
Having a choice of CTP providers is great news for Canberra motorists.
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 new insurers to the market have developed a reputation in other jurisdictions for providing injured people with more direct pathways to rehabilitation. This sits well with the Government’s reform agenda.
The Government is committed to ongoing reform of the Territory’s CTP scheme, in order to emphasise rehabilitation and treatment.
We want to ensure persons injured in motor vehicle accidents receive access to medical diagnosis, treatment and health services as soon as possible to facilitate a quicker return to health and a reduced propensity to develop long-term injuries.
The setting of CTP premiums in the ACT is based on independent actuarial advice; it is not a government decision.