Page 3825 - Week 12 - Thursday, 24 October 2013
services. It is important that motorists understand the various offerings that are now in the marketplace as opposed to seeing them simply as a like-for-like offering or judging them on price alone. There is an opportunity for Canberrans to shop around in order to find the policy that best meets their need.
Over time, we can be sure that competition will continue to benefit motorists, including opportunities for innovative insurance products, more investment and more employment in the ACT. We have seen today an example of that commitment to this community and investment in the ACT with GIO announcing their sponsorship of our premier sporting venue, Canberra Stadium, which from 1 January 2014 will be known as GIO Stadium Canberra.
MADAM SPEAKER: A supplementary question, Ms Porter.
MS PORTER: What has been the impact of these changes for Canberra motorists?
MR BARR: Competition has brought the obvious benefits of choice. There is a wide range of options now for motorists to choose from. Each policy has different prices and different features. Depending on the circumstances of individuals or households, particular policies or insurance providers may suit some more than others.
Being able to choose a policy that best meets your needs is a significant benefit for local motorists. That is why it is important to look at the different options, to shop around and to get the best deal for yourself. We envisage that over time competition will moderate prices as insurers try to ensure that their products are as competitive as possible. This is important for local motorists, particularly given the missed opportunity for genuine CTP reform to put significant downward pressure on premiums.
I am pleased, though, that the new insurers have developed a reputation in other jurisdictions for providing insured people with more direct pathways to rehabilitation. For anyone unfortunate enough to have been injured in a motor vehicle accident, such an emphasis on care, rather than lump sum payments for pain and suffering, is clearly the best pathway back to health.
MADAM SPEAKER: A supplementary question, Mr Wall.
MR WALL: Minister, what information is supplied with renewal notices to inform Canberrans that not each insurer is offering identical cover?
MR BARR: The registration renewal forms give details of the different offerings of the different insurance providers. Those providers who are entering into the market are being aggressive in their promotion of their new products. There has been a significant amount of information in the marketplace. Existing customers of other insurance products from the new operators will have been aware through the promotion through their existing insurance products of the opportunity to take up some of the offers that the new players have put into the marketplace. This is a competitive process. Premiums obviously go through the actuarial process. But in