Zurich advises State Insurance Regulatory Authority (SIRA) of its intention to exit the CTP Green Slip market

Zurich will no longer offer CTP Green Slip policies for sale from 1 March 2016.

SIRA is assuring policy holders that their policies are still valid and will be honoured by Zurich.

In addition, third party compensation claimants will continue to be looked after.

In its December press release, SIRA states:

"The regulatory environment has been supporting seven CTP insurers for over a decade.  Current insurers are AAMI, Allianz, CIC-Allianz, GIO, NRMA, QBE and Zurich.

Although Zurich is exiting the CTP Scheme, the Scheme continues to remain viable and the market remains competitive."

It remains to be seen what impact Zurich's exit from the Scheme will  have on the cost of CTP Green Slip policies, if any.