Insurance council urges Goernment to reconsider
THE Insurance Council of Australia today urged the Queensland Government to reconsider plans to increase stamp duties on general insurance products by 1.5 percentage points.
Rob Whelan, Chief Executive of the Insur- ance Council of Australia, said the mooted stamp duty rise was unfortunate and would add to Queenslanders’ cost of living by forcing up the price of insurance.
He said the reported rise from 7.5 per cent to 9 per cent, taking effect from August 1, could increase the level of underinsurance and non-insurance in Queensland, especially in areas regularly exposed to cyclones and floods.
‘‘Stamp duties are inequitable, highly inefficient and unfair. An increase in stamp duties would be a counterproductive decision that would only exacerbate the financial pressure many Queenslanders are experiencing with the cost of insurance and other household expenses,’’ Mr Whelan said.