NRMA Insurance’s monopoly in the ACT’s compulsory third party (CTP) market is at an end, with one new licence already issued and four more insurers expressing interest in moving into offering insurance in the nation’s capital.

A law passed in the ACT last year has opened the door to other providers.

An ACT Treasury spokesman told insuranceNEWS.com.au five insurers, none of which can be named, have expressed interest. A licence has already been granted to one of the five.

“The idea is to try to put downward pressure on premiums and keep them competitive,” she said. “We are pretty happy with the way things are going because several insurers are expressing interest.”

Once a licence is issued it takes up to 90 days for it to appear on registration forms. Customers can then tick a box on their registration form to choose an insurer.