Tasmanian Government Changes Big Election Promise

Cost of Living

Thursday, 14 May 2026, 12:47 pm

Premier Jeremy Rockliff promised a state-owned insurance company during the 2025 state election.

In short:

The Tasmanian government will not create a state-owned insurance company to compete with other insurers.

The 2025 state election promise was a key policy for the Liberals.

What's next?

The premier says TasInsure will be a not-for-profit authority to oversee the insurance industry.

The government will break its promise to offer insurance through a state-owned agency.

TasInsure was the main policy for the Liberals in the last state election.

TasInsure would offer affordable insurance for homes, contents, and small businesses.

The Liberals said it would save families $250 a year and small businesses 20% on insurance costs.

The TasInsure website said it would offer affordable insurance products.

It would provide general insurance.

Now, TasInsure will be a not-for-profit authority to lower insurance costs.

TasInsure will work with insurers to address gaps in availability and affordability.

The government has a plan to establish TasInsure with legislation.

New path will 'better our commitments', Rockliff says

The premier says this new path will help the government keep its promises.

The government is finalizing TasInsure's initial market interventions.

The Liberals had TasInsure branding on an office during the election.

The TasInsure plan says concerns were raised about a state-owned company model.

TasInsure will be established in three phases.

It will start with advisory services for community groups.

The plan will be complete in 2028.

TasInsure branding was taken down after the election.

TasInsure to assist risk structures

The government hired an expert to develop a framework for TasInsure.

The expert was dismissive of a state-owned insurance company.

He made recommendations to improve insurance competitiveness and affordability.

He suggested a reinsurance pool for Tasmanian weather events.

TasInsure will oversee and support the insurance ecosystem.

The purpose of the pool is to protect property owners from weather events.

He recommended a designated risk pool for certain sectors.

He also recommended insurance advisory services.

'The premier should apologize', Labor says

Labor's shadow treasurer said the premier knew he couldn't deliver TasInsure.

He said the premier had no modeling, just a branded jacket.

He said Tasmanians would not save $250 on their insurance.

He said TasInsure was sold as cost-of-living relief but is now just another bureaucracy.

Industry welcomes the change

The RACT chief executive welcomed the government's implementation plan.

TasInsure would have competed with RACT.

The industry had criticized the TasInsure policy.

Analysis showed it would be costly and risky for the state government.

The Greens said the Liberals' policy was a 'cruel hoax'.

The Greens will take time to review the new TasInsure policy.

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