The NT Government is considering selling the Territory Insurance Office (TIO) to raise funds for infrastructure investment.

Chief Minister Adam Giles says TIO was formed in 1979, when most private banks and insurers did not operate in the NT, but there are now 12 insurers competing there.

“Cabinet is seeking to ascertain whether the Government should be in the business of owning a financial services business or whether it would be more beneficial to unlock the value of taxpayers’ investment in TIO to fund… infrastructure that is critical to the development of the NT.”

He says any move must ensure flood and cyclone cover availability and protect the TIO brand.

All insurers currently operating in the NT offer cover for cyclones, and all but one offer flood insurance.

TIO is the last insurance company in the country in government ownership.