Chief Minister Adam Giles has conceded the NT Government could have better handled the sale of the Territory Insurance Office (TIO).

“We did not give the community an adequate chance to have their say,” he told a Country Liberals campaign launch.

“Nor did we properly explain why we had to sell TIO and why it had to be done quickly.

“I am sure some Territorians still don’t feel fully informed about these issues.”

Mr Giles says this lack of communication is regrettable and the Government must learn from it.

NT voters go to the polls next Saturday, with Mr Giles’ Country Liberals seeking a second consecutive term. Polls indicate the party is likely to lose power.

The TIO was sold to Allianz in 2014 amid community fears at the prospect of higher premiums and access to cover under the change.

A Senate inquiry into the privatisation of public assets last year heard there was no public consultation on the future of the TIO, but a sale was necessary.

NT Treasury Undersecretary Jodie Ryan told the Economic References Committee the Treasury had wanted to divest the TIO for years, because of the liability underwritten by the Government.

Former TIO CEO Richard Harding said the insurer could not diversify its risk because of government ownership, and faced reinsurance issues.

“Risks of the nature of TIO and insurance are better dealt with in the private capital markets and the global capital markets of the world than they are by governments,” he told the committee.