The WA Government expects revenue from insurance taxes to rise in coming years, despite slower economic growth.

Its budget papers show stamp duties on insurance are estimated to have contributed $592.9 million in 2013/14. They are budgeted to raise $638.1 million this financial year.

The Government had to step into the builders’ warranty insurance market last year when it agreed a reinsurance deal with Calliden and arranged to indemnify QBE for losses above $10 million on any one building failure. It is reviewing proposals to reform the market.

Claims of $9.75 million were received in 2013/14.