The Northern Territory Government has reportedly considered selling the last taxpayer-owned general insurer in Australia, the Territory Insurance Office (TIO). It is understood the Promina Group would be the preferred buyer, but true to company policy no one could confirm whether talks had been held with the NT Government or TIO.

And NT Treasurer Syd Stirling says the Government has absolutely no plans to sell off the Territory’s own finance and insurance business. “TIO plays an important role in the Territory and we are committed to ensuring its long-term viability in the interests of all Territorians.”

TIO’s overall results last years were listed as “disappointing” by its board. Insurance and finance lost $7.5 million and motor accident compensation incurred losses of $21.9 million.