The ACT Compulsory Third-Party (CTP) Insurance Regulator today announced that CTP insurance premiums charged by Suncorp Insurance for its AAMI and GIO brands will decrease from 17 September 2015 for a number of ACT motor vehicles.
Premiums for AAMI Insurance will decline significantly, with a family car premium falling by $25.00 to $565.00 from $590.00, equivalent to a reduction of 4.2%.
There will be a smaller fall in premiums for GIO Insurance with the new premium for a family car falling to $559.90 from $568.60, a decline of $8.70 (a 1.5% reduction).
As part of the new premium arrangements, the after-market discount for the AAMI CTP insurance product will no longer be available.
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“These new premiums continue to demonstrate the benefits of a competitive market, with motorists gaining from not only lower premiums, but also choice and higher quality products,” Ms Karen Doran, the CTP Regulator said.
(ACT Government media release)
Approval of new premiums by the CTP Regulator follows an extensive actuarial review process. Licensed insurers are required to charge premiums that will fully fund their present and future liabilities under the CTP legislation, but which are not excessive.
“Based on independent actuarial advice, I am satisfied that the new premiums for GIO and AAMI are both soundly based and are not excessive having regard to their respective circumstances,” Ms Doran concluded.
For more information on CTP premiums in the ACT visit http://apps.treasury.act.gov.au/compulsorytpi/premiums