One of the most significant events occurring in the ACT CTP insurance scheme has been the introduction of competition with multiple insurers in the market from 15 July 2013.
Competition has delivered a greater choice in product offerings, better quality products such as at-fault driver cover and reduced premiums to motorists.
Based on the latest complete financial year data, the chart highlights the downward trend in premiums to 30 June 2017, as published in the Chief Minister, Treasury and Economic Development Directorate Annual Report 2016-17.
CTP Insurance Premiums over the period 15 July 2013 to 30 June 2017
The following graph shows the average market share over each of the financial years from 2013-14 when competition began, through to the end of the latest financial year of 2016-17. Market share is based on premiums collected by insurers.
Over the period shown in the graph, Suncorp’s leading brand – GIO – continued to gain market share rising to 35.4 per cent over the 2016-17 financial year [a gain of 4.5 percentage points compared to the market share over the 2015-16 financial year], albeit the rate of the gain slowed, compared with NRMA’s share declining to 56.0 per cent over the 2016-17 financial year (a decline of 3.8 percentage points compared to the market share over the 2015-16 financial year). AAMI and APIA continue to hold relatively small market shares at 7.8 per cent and 0.8 per cent over the 2016 17 financial year respectively.
Market Share from 2013-14 to 2016-17