The ACT Government must do more to foster competition in the compulsory third party insurance market in the ACT, according to the Shadow Minister for Urban Services, Alistair Coe.

“To date, the ACT government has been unable to attract any new insurers to Canberra’s third party insurance market and it is the Canberra commuter who suffers as a result,” Mr Coe said.

“The Chief Minister, Jon Stanhope, must do more than just remove the regulatory barrier of a monopoly for compulsory third party insurance and actually work with the industry to find out what obstacles are stopping other providers from entering this market.

“Jon Stanhope and ACT Labor are already slugging Canberra commuters more with high parking costs and registration fees; they need to be actively working with the insurance industry to increase competition within the compulsory third party insurance market.

“Given third party insurance is mandatory for every registered vehicle in the ACT, it is important Canberrans have the freedom of choice.

“I’m concerned excessive red tape is making it difficult for insurers to register as suppliers of the product. Canberra drivers are already paying more than ever to pay back ACT Labor’s deficits. The least Jon Stanhope can do is offer a competitive choice for compulsory third party insurance,” Mr Coe concluded.