The National Insurance Brokers Association (NIBA) has launched an intensive “Say no to insurance taxes” campaign in a bid to curb the skyrocketing taxes imposed by governments in Australia.

State and territory imposts are among the highest insurance tax rates in the world, with levels equivalent to the so-called “sin taxes” on alcohol and gambling.

Victoria has the highest insurance tax rates in the world, and in some cases policyholders are paying almost as much on taxes as they are on base premiums.

NIBA CEO Noel Pettersen told Sunrise Exchange News the high level of tax imposed on policyholders is dissuading people from adequately insuring their assets.

“The massive tax burden placed on policyholders isn’t only a industry problem, it’s a community problem,” he said. “That’s why we’re encouraging our members to become more involved in promoting this issue, and getting policyholders more involved too.”

NIBA is doing several things, including launching a new website – www.niba.com.au/tax– in a bid to raise awareness of the issue. The website has various resources, such as articles that can be distributed to policyholders and contact details for local MPs.

“We are also issuing brokers with books of ‘post-it’ notes they are encouraged to put on every document they distribute to clients,” he said. “The notes will open clients’ eyes as to just how much tax they are paying and how they can get involved with the campaign.”

Mr Pettersen has also sent letters on the issue to all state and territory treasurers.