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ICA joins key levy reform advisory group

Insurance Council of Australia CEO Andrew Hall has been selected to join a special advisory group helping the NSW Government shape critical Emergency Services Levy reforms.

As has reported, the Government plans to axe the levy on insurance, which adds as much as 18% to home premiums and 34% to commercial.

The Stakeholder Reference Group, announced last week, will “provide a broad range of expert perspectives” on how the levy should be replaced.

Chaired by Treasurer Daniel Mookhey, the group also includes representatives of Business NSW, the Rural Fire Service, Local Government NSW and the Property Council of Australia.

Insurers and brokers will welcome progress on the change even as a similar initiative in Tasmania has stalled.

The NSW Government says it is committed to lasting reform that helps drive down the cost of insurance.

A consultation paper will be released later this month seeking public input.

“I’m pleased to have so many voices at the table to ensure we arrive at a sustainable, lasting and fair way to fund our emergency services into the future,” Mr Mookhey said.

“The [levy] on insurance has led to NSW having one of the highest average insurance costs for businesses and households in the country.

“We need to get the balance right to ensure NSW can fairly and sustainably fund the state’s emergency services, while bringing down insurance bills.”