The Insurance Council of Australia (ICA) has wasted little time lobbying the new ALP Federal Government to abolish insurance taxes, tabling a Budget submission last month, saying insurance tax reform is key to enhancing community resilience to climate change.

The insurers' peak body is critical of the 2000 Intergovernmental Agreement between the Commonwealth and the states for missing the chance to include insurance tax among wider state tax reforms.

It says the abolition of stamp duty in particular would stimulate public demand for insurance and ease the burden on government to provide disaster relief.