ACT Chief Minister Katy Gallagher and Treasurer Andrew Barr have today announced that for the first time since 1979 Canberra motorists will have a choice of providers for compulsory third party (CTP) insurance. Chief Minister Gallagher explained that AAMI, GIO and Apia (the Australian Pensioners Insurance Agency) have all been granted licenses to offer CTP insurance to ACT motorists and that the licenses be effective on 1 July 2013.
“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.” Mr. Barr commented.
“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 Chief Minister commented.
Shadow Treasurer, Brendan Smyth welcomed the announcement stating that the Canberra Liberals have long been supportive of more choice in the ACT market for CTP insurance and that it give Canberra motorists an opportunity to shop around and compare deals.