Suncorp says it has won 11% of the ACT’s compulsory third party (CTP) motor vehicle insurance market, only a year after entering it.

It began covering CTP through its GIO, AAMI and Apia brands on July 15 last year.

Previously, only NRMA Insurance offered CTP in the territory. 

“It’s fair to say the monopoly that existed in the ACT has been broken,” Suncorp Commercial Insurance EGM Statutory Portfolio Chris McHugh said. 

He says take-up has been “well above our expectations”. 

When Suncorp entered the market it was the first time since 1979 that ACT motorists had a choice of CTP providers.

It has now appointed former Canberra-based Austbrokers account manager Paul Lawton as Executive Portfolio Manager ACT CTP.

Suncorp hopes to repeat its ACT success in SA, where the CTP market will be opened to private insurers from July 2016.

The ACT is the only jurisdiction to have privatised both its workers’ compensation and CTP schemes.