Submission to Point to Point Review
05 May 2016
IAG welcomes the opportunity to provide a submission to the State Insurance Regulatory Authority (SIRA) Discussion Paper ‘Review of Compulsory Third Party (CTP) motor vehicle insurance for point-to-point transport vehicles’ (the Discussion Paper).
As the largest CTP insurer in NSW, this topic is of significant relevance to IAG. IAG views the recent developments in the transport sector to be an indication of consumer preference. Industries and governments need to evolve and adjust to the changing business environment.
Clarity and consistency in the regulatory treatment of emerging alternative business models provides certainty for businesses. This in turn will encourage adaptive innovation and improve consumer outcomes. Given that ridesharing services have been available in Australia since 2009, a clear regulatory response is long overdue.