Australia’s last state insurer, the Darwin-based Territory Insurance Office (TIO), has announced a record profit of $24.9 million before tax for 2003/04.

In his first year as CEO, John Tsouroutis says the positive return allows TIO to begin amending the losses of the past. “General insurance had not made a profit in six years, so today’s result of $7.3 million before tax (in the general insurance division) helps make up for those losses.” 

Mr Tsouroutis says the result means that compulsory third party insurance in the Northern Territory is unlikely to experience the double-digit premium increases that have been necessary in previous years.