General insurer, Youi Pty Ltd, just received permission to enter the NSW CTP market from 1 December 2020. It is the first insurer to join the CTP scheme for many years and the only new entrant since reform in December 2017.
The sixth CTP insurer
Since 1998, the number of licensed insurers has dropped from 13 to five, owned by only four insurance groups. The most recent dropouts were Zurich in March 2016 and CIC Allianz in mid-January 2019.
Youi will be sixth CTP insurer in the NSW scheme, with AAMI, Allianz, GIO, NRMA Insurance and QBE.
State Insurance Regulatory Authority (SIRA) is satisfied the insurer meets all requirements under the Act and has the capacity and financial sustainability to join the scheme.
The name, Youi, stands for You Insured. Youi is a general insurance company that underwrites its own policies in motor, home, watercraft and business liability. Its parent is RMIH Group, a financial services investment holding company in South Africa. Before April 2019, Youi did offer CTP in NSW but only as an agent for QBE.
Vehicle owners who use the greenslips.com calculator for CTP quotes will see prices for Youi as well as the current CTP insurers from 1 December 2020. This could create more competition in insurer pricing.