Urgent Calls for Reform Amid Escalating Insurance Costs
0
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
Businesses across New South Wales are grappling with escalating insurance premiums, with many reporting significant increases over the past year.
A survey conducted by Business NSW revealed that 64% of its members are not fully insured against catastrophes, and nearly 80% have experienced double-digit rate hikes.
Alarmingly, one in three businesses reported premium increases exceeding 30%.
Daniel Hunter, CEO of Business NSW, highlighted the financial strain these rising costs are placing on companies. He pointed out that the state government collects substantial revenue through the emergency services levy and stamp duty on insurance, making NSW's insurance premiums the highest-taxed in mainland Australia. This financial burden forces businesses to either absorb the increased costs or risk operating without adequate insurance coverage.
The Insurance Council of Australia (ICA) has also weighed in, advocating for the removal of the emergency services levy. According to ICA, this levy, along with GST and stamp duty, adds an average of $305 to home and contents policies and $766 to commercial building and contents policies. The council argues that the levy disproportionately affects those least able to afford it and does not fairly reflect the potential need for emergency services.
In response to these concerns, the NSW government has committed to removing the levy and is consulting on transition arrangements and a replacement model. However, businesses are calling for more immediate action to address the unsustainable rise in insurance premiums and ensure that companies can operate with adequate protection against unforeseen events.
Published:Sunday, 8th Feb 2026 Source: Paige Estritori
Please Note: If this information affects you, seek advice from a licensed professional.
The Australian Financial Complaints Authority (AFCA) has recently ruled against Zurich Insurance, instructing the insurer to maintain the current income protection benefits for a policyholder after an 11-year delay in proposing a reduction. This decision underscores the critical importance of timely and transparent communication between insurers and their clients. - read more
In the 2025 Life Insurance Awards presented by Money Magazine, Neos has been honored as the top provider in the Income Protection Insurance category. This accolade reflects Neos's commitment to delivering comprehensive and reliable income protection solutions to Australians. - read more
Marina operators in Northern Australia are confronting a significant crisis as insurance premiums escalate dramatically, with some experiencing increases exceeding 300% over recent years. This surge in costs is placing immense financial strain on the industry, prompting urgent calls for government intervention. - read more
As global trade dynamics undergo significant shifts, GT Insurance is reaffirming its commitment to supporting marine clients navigating these challenges. The recent imposition of US tariffs-25% on Australian steel and aluminium, and 10% on other exported goods-has introduced new uncertainties for local exporters, particularly in sectors like beef and bulk freight. These tariffs, effective from April 5, 2025, have prompted concerns about declining export volumes and reduced freight margins. - read more
This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.
Web design and construction by:
Clark Family Pty Ltd
A.C.N. 010 281 008 Copyright 2004 - all
rights reserved
