ICA clarifies position on insurance tax
The Insurance Council of Australia (ICA) has affirmed its fight against insurance taxes after its public silence on the issue drew criticism from the insurance industry.
Speaking at the National Insurance Brokers Association (NIBA) Convention last week, ICA President Terry Towell said ICA continues to undertake a “huge amount” of lobbying against insurance taxes.
“I am aware that ICA has taken some criticism from members about invisibility on the subject,” he said. “Removal of taxes and the fire services levy remains a key priority.”
He says ICA has adopted a “behind-the-scenes” approach in recent months, forgoing media exposure in favour of private consultation with relevant ministers.
“We have tried the head-on approach and don’t seem to be able to get past first base,” Mr Towell told delegates.
He is optimistic that critical state reviews on insurance tax will encourage the Henry federal tax review to recommend changes in its December report.
“I think we’re making more substantial traction now than at any time during the past,” Mr Towell said. “Our effort shouldn’t be assessed by the number of quotes in the media.”
Mr Towell, who is also MD of Allianz Australia, urged NIBA to continue its high-profile media campaign against insurance taxes.
“It compliments what we are trying to do,” he said. “We are truly aligned.”