Australian territory mulls insurance office sale

Australia’s Northern Territory government is evaluating plans to sell the Territory Insurance Office (TIO) to meet the future needs of a growing Northern Australia.

The government said it had been investigating what opportunities might exist for the Territory under the Commonwealth’s asset recycling incentive programme.

The Asset Recycling Initiative offers States and Territories a 15 per cent incentive to sell eligible assets and re-invest the proceeds in critical new, economy-growing community infrastructure.

TIO is the last insurance company in government ownership anywhere in the country.

“No final decision has been reached regarding TIO but any option that was considered in the future would have to ensure Territorians would still be able to access flood and cyclone insurance and that we protect the TIO brand,” said Adam Giles, chief minister of the Northern Territory.