Zurich to cease offering NSW CTP green slips from 1 March 2016, subject to approval from State Insurance Regulatory Authority (SIRA).
If you have a Zurich policy
If you have a CTP green slip policy with Zurich, you will continue to be covered until your policy expires. After 1 March 2016, you will need to choose another green slip insurer.
If your Zurich policy expires before 1 March 2016, you may renew and remain insured with Zurich until it expires. If your policy expires after 1 March 2016, Zurich will tell you to find another insurer when that policy expires.
Zurich’s plan to withdraw from CTP policies will not affect other forms of Zurich insurance.
If you have a claim against a driver covered by a Zurich green slip, the process will be managed in the usual way. The insurer will continue to employ staff to help CTP claimants.
Zurich’s current share of the NSW CTP green slip market is less than 3.0%. For vehicle owners using our calculator during November 2015, Zurich was the most expensive for 25.1% and the cheapest for 0.5%.
The NSW CTP green slip market relies on competitive pressure to keep prices affordable. Loss of an insurer from the market is not good for competition. However the impact of losing Zurich is likely to be less than if one of the other insurers had withdrawn from the market.
Six insurers remain licenced to issue greenslips in NSW after 1 March 2016. Those six licences are operated by just four companies. Suncorp owns GIO and AAMI, Allianz operates a licence under its own name and CIC Allianz. QBE and NRMA are the other two remaining operators.
Choose another insurer
If you need to choose another insurer, go to our greenslip calculator. Our calculator will help you find the best price from the six remaining insurers, based on your vehicle and details.