From 1 December 2020, greenslips.com.au calculator will show prices from a new CTP insurer. Youi is the first insurer to join the CTP scheme for many years and the only new insurer since the scheme was reformed in December 2017.
New CTP insurer
The name, Youi, stands for You Insured. Some people may already be familiar with Youi and hold insurance with them. While Youi used to offer CTP in NSW before April 2019, this was only as an agent for QBE.
Youi is a general insurer and offers policies in motor, home, watercraft and business liability. Its parent is RMIH Group, a financial services investment holding company in South Africa.
Since 1998, the number of CTP insurers had dropped from 13 to five and these were owned by only four insurance groups. The most recent dropouts were Zurich in March 2016 and CIC Allianz in mid-January 2019.
Youi will become the sixth CTP insurer in the NSW scheme, along with AAMI, Allianz, GIO, NRMA Insurance and QBE. This could help to create more competition in the pricing of green slips.
It is now even more important to compare green slip prices. From 1 December 2020, the greenslips.com.au calculator will show prices for Youi as well as the other five CTP insurers. If you are looking for a green slip, the greenslips.com.au calculator is the best and quickest way to compare prices.