Consumers blind to insurance taxes
Sunrise Exchange News, 15 May 2007
Most Australians are unaware of the amount of state-based taxes on insurance policies, according to new research.
Quantum Market Research Principal Adrian Goldsmith told an Insurance Council of Australia conference that consumers were asked if they are aware of state taxes and charges, other than GST, being imposed on their insurance premiums.
Conducted in March this year, the latest round of research showed 51% of respondents weren’t aware. were unaware of state-based taxes on insurance. That’s an improvement on the December 2005 results which showed 54% of consumers didn’t realise taxes were added to their insurance costs.
And once they know about it, they are angry. Some 83% of respondents said they were not happy about insurance taxes, compared to 59% in December 2005.
Mr Goldsmith says thsaid if there was a reduction in taxes they would take out insurance on items they currently don’t insure.