The Insurance Council of Australia (ICA) says it was not represented at Prime Minister Malcolm Turnbull’s mini-summit on economic reform last week, and it accepts the tax reforms it seeks “could take some time”.

When the summit was called ICA CEO Rob Whelan said: “The economic reform debate must explore all sensible options. The general insurance industry believes the Prime Minister’s summit should canvass the abolition of state taxes on insurance and examine how to offset revenue loss through fairer, more equitable taxes.

“For more than a generation it’s been recognised that state taxes and levies on insurance unfairly penalise businesses and households that seek to protect their assets.”

The council remains hopeful its reform option remains on the table.

“ICA believes there were positive signs on tax reform to come out of the summit, but acknowledges this could take some time,” a spokesman told insuranceNEWS.com.au.