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Australia: Northern Territory government mulls sale of government-owned insurer

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The Northern Territory government in Australia is considering selling off the country's only government-owned insurer, Territory Insurance Office, Asia Insurance Review reports.

Adam Giles, chief minister of the region, said the sale could fetch "well over half a billion dollars," adding that the regional cabinet has yet to make a decision on TIO. The insurer was formed to provide coverage to natural catastrophe-affected regions. Its banking and insurance units will probably be divided after the sale with a big insurer taking over the insurance business, Mr. Giles said.

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