AAMI and GIO CTP insurance premiums to decrease from 17 September

Canfan 24 August 2015 2

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.

“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

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2 Responses to AAMI and GIO CTP insurance premiums to decrease from 17 September
Nilrem Nilrem 5:24 am 26 Aug 15

So they have gotten rid of that crazy system where you had to go to each company’s website to find out the cash back, and therefore the real cost of the insurance? That was a classic dumb government situation. How many people were misled by the apparent premium figures on the rego renewal notice?!

Grimm Grimm 11:29 am 25 Aug 15

A competitive market? That’s some sort of joke, right? A duopoly between the NRMA and Suncorp is hardly competitive, when you look at what you pay in NSW for CTPI because there is real competition…

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