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Subject to the passage of the relevant legislation through the Parliament of the Northern Territory and Australian Competition and Consumer Commission approval, TIO’s general insurance business will transfer to Allianz’s ownership and Allianz will start servicing the Government Motor Accidents Compensation scheme on 2 January 2015.
Niran Peiris, Managing Director of Allianz Australia, said “Allianz is honored to be chosen as the preferred bidder of the Territory Insurance Office, a Territory icon. Allianz was attracted to TIO because we see northern Australia, particularly, the Northern Territory as the region that will play a major role in Australia’s growth and development in the decades ahead.”
Allianz Australia had gross written premiums of $3.9 billion in 2013. TIO is clear market leader in general insurance in the Northern Territory with gross written premiums of around $130 million.
“Allianz is Australia’s fourth largest insurance company, but our presence in the Northern Territory is well below that of other States. Thus, TIO was a perfect ‘fit’ for Allianz in a business sense,” Mr Peiris said.
Under the agreement, the TIO’s brand will continue and the cover provided by TIO’s property insurance products, in particular, home policies, will continue to include cover for flood, cyclone and storm surge. Allianz will maintain TIO’s community sponsorship programs, such as the TIO Stadium in Darwin, TIO Traeger Park in Alice Springs and the CareFlight TIO Rescue Helicopter.
Mr Peiris said, “the Territory Government was seeking a new owner that could bring an exceptional level of insurance expertise and financial strength to ensure that TIO had a long-term sustainable future. Allianz well meets this objective as one of Australia’s largest insurers and as a part of the global Allianz Group, the world’s largest general insurer.”
Concluding, Mr Peiris said “Allianz is honored to have been entrusted with the future of such an iconic Territory organization and we look forward to ensuring that TIO remains a much loved part of the Territory community in the future.”
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