NIBA welcomes new NSW Labor Government

NIBA welcomes the new Minns Labor Government and congratulates them on the NSW election win. 

NIBA looks forward to continuing to work with the NSW Government to remove the Emergency Services Levy (ESL) from insurance premiums and look at alternative solutions for funding.   

As many members would know, the ESL is a tax applied to insurance, adding about 18 per cent to home insurance premiums and up to 40 per cent to business premiums in the State.   

Removing the ESL from insurance would result in a drop in premiums, reducing cost of living pressures on NSW families.   

Given the growing impact of extreme weather events across the State, the urgency of removing the ESL is paramount.   

During the election campaign, the Insurance Council of Australian (ICA) released ‘A Stronger NSW’, which outlined nine policy recommendations for the next NSW Government to put downward pressure on the cost of insurance.  

The report called on the NSW Government to find a fairer way to fund emergency services and bring NSW in line with every other mainland state and territories in Australia.  

NIBA will keep members updated on the ESL.