ALLIANZ ACQUIRES TERRITORY INSURANCE OFFICE BUSINESS IN NORTH AUSTRALIA

Allianz Australia will acquire the general insurance business of the Territory Insurance Office following an agreement with the Government of the Northern Territory. The deal will also see Allianz Australia enter into a 10-year agreement to manage the Government Motor Compensation scheme. Subject to regulatory approval, the deal will come into effect on January 2 next year. Under the agreement, the TIO’s brand will continue and the cover provided by TIO’s property insurance products, in particular, home policies, will continue to include cover for flood, cyclone and storm surge. TIO has gross written premiums of around $130m, and will help boost Allianz’s presence in the Northern Territory. Although Allianz Australia wrote gross premiums of $3.9bn last year, the insurer has a smaller presence in the Northern Territory than other states. Niran Peiris, managing director of Allianz Australia, said: “We see northern Australia, particularly, the Northern Territory as the region that will play a major role in Australia’s growth and development in the decades ahead. Allianz is Australia’s fourth largest insurance company, but our presence in the Northern Territory is well below that of other states.”