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Last year, the NSW Government sought to amend the way that the ESL was collected on property insurance premiums in NSW, from insurance to a property based levy collected by local councils by 1 July 2017. However, these changes were deferred on 30 May 2017 and is still subject to further review.
ESL charged in the three to four months to June 2017 was low because insurance companies were gradually reducing the ESL in anticipation of its complete removal by 1 July 2017 in accordance with planned changes that did not occur.
At the direction of the NSW Government, insurance companies resumed charging ESL on property insurance policies. Many insurers were not able to resume charging the ESL until late August 2017 to early September 2017.
Therefore, clients with property insurance renewals due from now until up to September 2018 may notice that the ESL component of their renewal program has increased from that charged last year due to the re-introduction of ESL on property insurance premiums. This is because the ESL charged on last year’s premium was low or non-existent.
For further information please visit the ESL Insurance Monitor website.
Our aim is to continue to provide you with absolute peace of mind through expert advice and personalised service.
If you have any questions about the ESL or your insurance, simply email or call your Oxley Insurance Broker for advice.