TIO defends premium price hikes following on from privatization

The head of the Territory Insurance Office (TIO) has defended the company as customers in storm surge and flood-prone areas start receiving the first of three price hikes expected post-privatisation. In November 2014 TIO's insurance assets were controversially sold by the Country Liberal Party (CLP) government to German-based Allianz for $236 million. This followed months of speculation, protests and petitions by opposition politicians and members of the public.Danny Chow explains.

Darwin as seen from the top of the West Lane Carpark Source: Flickr - Ken Hodge