• LMI Group
  • Home
  • Why this site was created
  • Supporters Page
  • Contact Us

Increases in NSW ESL leads to expected drop in insurance

May 28, 2019
by Allan
Comments are off

It has already started to happen. Over the past week I have been contacted by both insureds and brokers advising that they/their clients have elected to drop business interruption or elect not to fully insure due to the increased financial burden created by the massive increase in Emergency Services Levy.

I try and explain the risk that the business is taking on by not insuring business interruption or their assets fully but the insured’s believe that they cannot increase their prices in the current economic climate.

This is an appalling and untenable situation that is putting the New South Wales economy and many businesses, and the workers they employ at financial risk.

I urge any broker or insured who encounter this situation need to write to their local member and clearly set out the consequences of the government’s approach to funding the fire service levy.

If the increase in charges is justifiable then it would be fairer if everyone contributed to the cost and insurance for those that have it would not be singled out as the way to avoid paying the levy.

Of course the fewer people that have full insurance means the percentage of premium charged needs to go up again to cover those who have opted out.

And politicians wonder why the public have lost faith and trust in government!

  • Fact or Furphy?

    • Get the full picture on tax on insurance
  • Learn More

    • The level of taxation
    • Petition for No Tax On Insurance
  • Tell-All Charts

    • Australia V Rest of the World
    • State by State comparison
    • Australian Capital Territory
    • New South Wales
    • Queensland
    • South Australia
    • Tasmania
    • Victoria
    • Western Australia
    • Northern Territory
  • How much do you pay?

    • Australian Capital Territory
    • Northern Territory
    • Queensland
    • South Australia
    • Tasmania
    • Victoria
    • Western Australia
    • New South Wales

RSS Allan’s Blog

  • Have your say on Emergency Services Levy July 7, 2020 Allan
  • Claims Survey Counts to Mansfield Awards May 7, 2020 Allan
  • Two comments on NSW Tax Reform May 4, 2020 Allan
  • New South Wales fails New South Wales business and home owners April 30, 2020 Allan
  • Current inquiry into insurance needs to include taxes on insurance April 28, 2020 Allan

Latest News

  • Increases in NSW ESL leads to expected drop in insurance
  • How can we make the Emergency Services Levy fair in NSW?
  • How could the NSW Government get ESL so wrong
  • ICNZ submits push to abolish FENZ on Insurance
  • Another report calls for removal of taxes on insurance!
  • Home
  • Why this site was created
  • Terms & Conditions
  • Privacy Policy
  • Supporters Page
  • Contact
© 1999-2021 LMI Group. All Rights Reserved.