Chief Minister Adam Giles has admitted to the Northern Territory government’s failure to communicate the privatisation of the Territory Insurance Office (TIO) to the public, it has been reported.
During a recent interview with Mix 104.9, Giles said there was “no doubt” his government had not properly communicated the sale of TIO, The Guardian
The TIO was sold to Allianz
in November 2014 under a deal worth $242 million.
The sale sparked widespread censure among Territorians who feared greater premiums or restrictions on insurance against weather events, such as flooding and cyclones, said the report.
“We never sold the message about the problems,” Giles told Mix 104.9. “TIO wasn’t properly reinsured… If we got hit by a cyclone, TIO couldn’t afford to pay the bill. Government
wouldn’t have been able to pay the bill because it’s more than the government budget if we got hit by the cyclone.”
During a CLP campaign launch on Sunday, Giles has issued a challenge to the Labour Party, saying that if it believed TIO should be publicly owned then the party should commit to buying it back, The Guardian
‘Nothing changes for customers’ as TIO changes ownership
Post privatisation premium hikes defended