The recent budget announcements in May have been good news for insurance policy holders.
National Insurance Brokers Association (NIBA) CEO Dallas Booth has congratulated the ACT state government on its work to continuously wind back stamp duty on general insurance policies, with the aim to eventually fully abolish such taxes. Mr Booth explained insurance taxes have a direct connection with affordability, and thus contribute to underinsurance concerns.
At this stage, a date of 1 July 2016 has been set as the target.
“Insurance is the main source of funds for restoration and recovery from natural and other disasters, and lack of comprehensive insurance cover results in real ongoing detriment to individuals, families and communities across Australia,” explained Mr Booth.
“We hope other states and territories take note of this significant example of tax reform.”
Queensland is one such state moving toward better insurance reforms, with the government announcing a $51 million commitment to disaster mitigation and resilience projects.
This program will mean communities are protected from the financial and physical damage that often entails natural disasters.
“A fortunate flow-on effect from the completion of mitigation projects is, in many cases, a significant reduction in insurance premiums for those properties at the greatest risk,” explained Insurance Council of Australia CEO Rob Whelan.
MGA have extensive experience in the insurance industry and understand the risks of not having the right cover. As Insurance Brokers they are able to put together business insurance programs that are tailored towards individual companies, across a wide range of covers including, but not limited to, business interruption, motor vehicle and personal accident insurance.
If you’d like help in putting together a comprehensive programme that covers the risks your business faces, contact the team at MGA Insurance brokers who will be happy to help.