Insurer makes new hire and declares CTP monopoly ‘broken’

Insurer makes new hire and declares CTP monopoly ‘broken’ | Insurance Business

Insurer makes new hire and declares CTP monopoly ‘broken’
Suncorp Commercial Insurance has appointed former Austbrokers account manager Paul Lawton to oversee all Compulsory Third Party (CTP) operations in the ACT as demand for the insurer’s offering grows.

Lawton joins from Austbrokers Canberra, where he was an account manager for three years and one month. Prior to this he was a business development manager at Vero for three years and four months, and held a similar role at Allianz for seven years and six months.

His appointment is designed to meet the growing demand for CTP insurance from Suncorp brands. Suncorp entered the ACT CTP market a year ago and it says since then more than 10% of motorists have opted to use one of its three available brands, GIO, AAMI and Apia.

Chris McHugh, executive general manager statutory portfolio with Suncorp Commercial Insurance said the CTP “monopoly that existed in the ACT has been broken”.

He added: “Over 10% of ACT motorists choosing a new CTP insurer in the first year is a result well above our expectations. There is more work to do, particularly in regard to explaining to motorists how they can save money through the rebates that are on offer. By offering motorists a better alternative, we are confident our presence in the ACT will continue to grow.”

Speaking of Lawton's appointment, he added : “Paul’s appointment reflects the importance of this market to Suncorp and demonstrates our long-term commitment to the ACT. As a local with extensive business experience, Paul is well equipped to build on the success of the last year.”