Consumers blind to insurance taxes
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. And once they know about it, they are angry. Some 83% of respondents said if there was a reduction in taxes they would take out insurance on items they currently don’t insure.
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. And once they know about it, they are angry. Some 83% of respondents said if there was a reduction in taxes they would take out insurance on items they currently don’t insure.