Cyber Insurance Online :: News
SHARE

Share this news item!

Soaring Insurance Premiums Leave NSW Businesses Underinsured

Business NSW Advocates for Urgent Reforms to Address Insurance Affordability

Soaring Insurance Premiums Leave NSW Businesses Underinsured?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Business NSW has raised concerns over escalating insurance premiums, revealing that 64% of surveyed businesses are not fully insured against catastrophes.
The survey also found that nearly 80% of businesses experienced double-digit premium increases over the past year, with one in three facing hikes exceeding 30%.

CEO Daniel Hunter highlighted that the state government's collection of the emergency services levy and stamp duty on insurance has contributed to NSW having the highest-taxed premiums in mainland Australia. This financial burden forces businesses to either absorb the costs or forgo insurance coverage, leaving them vulnerable to unforeseen events.

Hunter emphasized the need for immediate action from both state and federal governments to address the unsustainable rise in premiums. The Insurance Council of Australia supports removing the emergency services levy, noting that it disproportionately affects those least able to afford it and does not fairly reflect the potential need for emergency services.

The NSW government has committed to removing the levy and is consulting on transition arrangements and a replacement model. This situation underscores the urgent need for coordinated reforms to ensure businesses can access affordable and adequate insurance coverage.

Published:Tuesday, 24th Feb 2026
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Australian Homeowners Confront Steep Rise in Insurance Premiums
Australian Homeowners Confront Steep Rise in Insurance Premiums
24 Feb 2026: Paige Estritori
Over the past five years, Australian homeowners have experienced a significant 51% increase in home insurance premiums. This surge has placed a considerable financial burden on property owners nationwide, with Darwin residents facing the highest costs. - read more
Potential Relief for Australian Policyholders Amid Global Insurance Market Downturn
Potential Relief for Australian Policyholders Amid Global Insurance Market Downturn
24 Feb 2026: Paige Estritori
Recent developments in the global financial markets have sparked discussions about potential benefits for Australian insurance policyholders. A significant sell-off in the insurance sector on Wall Street has led analysts to speculate that Australian insurance premiums could see a reduction in the near future. - read more
Climate Change Escalates Home Insurance Premiums Across Australia
Climate Change Escalates Home Insurance Premiums Across Australia
24 Feb 2026: Paige Estritori
As the effects of climate change become increasingly evident, Australian homeowners are facing a surge in home insurance premiums. The rising frequency and severity of natural disasters, such as floods, bushfires, and storms, have significantly impacted the insurance landscape, leading to higher costs for property owners. - read more
ICA Advocates for Overhaul of Civil Liability Laws to Curb Rising Insurance Premiums
ICA Advocates for Overhaul of Civil Liability Laws to Curb Rising Insurance Premiums
24 Feb 2026: Paige Estritori
The Insurance Council of Australia (ICA) has recently released a white paper highlighting the urgent need for reforms to state and territory civil liability laws, which have remained largely unchanged for nearly 25 years. These outdated laws are contributing to significant increases in public liability insurance premiums, affecting a wide range of businesses across the nation. - read more
Liberty Adds 'Safe Harbour' Insolvency Cover to D&O Policies
Liberty Adds 'Safe Harbour' Insolvency Cover to D&O Policies
24 Feb 2026: Paige Estritori
Liberty Specialty Markets has announced the addition of a company insolvency extension to its Australian directors' and officers' (D&O) liability policies. This innovative feature is designed to support companies and their directors by covering reasonable costs incurred when engaging approved advisers under the 'safe harbour' insolvency regime. - read more


Cyber Insurance Articles

Cyber Security Checklists: Keeping Your Small Business Safe
Cyber Security Checklists: Keeping Your Small Business Safe
In today's digital age, cyber security has become a critical aspect for small businesses in Australia. As more operations move online, the potential for cyber threats increases. Small businesses are particularly vulnerable, making it essential to understand and address these risks proactively. - read more
Navigating the Aftermath: Your Cyber Attack Recovery Roadmap
Navigating the Aftermath: Your Cyber Attack Recovery Roadmap
In an age where digital presence intertwines with daily operations, the threat landscape in Australia has magnified, exposing businesses to an evolving array of cyber threats. From sophisticated phishing attempts to ransomware attacks, the risk of digital insecurity looms large. Australia, with its growing technological adoption, finds itself facing an upsurge in cyber threat incidents year over year. - read more
Data Breach Recovery: A Comprehensive Guide for Australian Businesses
Data Breach Recovery: A Comprehensive Guide for Australian Businesses
Data breaches have become a significant concern for businesses in today's digital landscape. Simply put, a data breach occurs when sensitive, protected, or confidential information is accessed, disclosed, or used without authorization. The implications of such breaches can be far-reaching, affecting not just financial health but also the reputation of businesses and the security of individuals involved. - read more
Cyber Security Essentials: Steps to Secure Your Online Business in Australia
Cyber Security Essentials: Steps to Secure Your Online Business in Australia
As the digital economy flourishes, Australian businesses are enjoying the fruits of their own cyber-infrastructure but are also becoming increasingly susceptible to cyber threats. The era of the internet has ushered in a wave of new opportunities, yet it also demands vigilance in the face of growing cyber risks. With cyberattacks becoming more sophisticated and frequent, the imperative for robust cyber security measures has never been more pronounced. - read more
Protect Your Data: Cyber Security Measures Every Aussie Company Must Implement
Protect Your Data: Cyber Security Measures Every Aussie Company Must Implement
In today’s digital landscape, Australian companies face an increasing threat from cyber criminals. The paramount importance of cybersecurity has never been more evident, with the surge of incidents exposing the vulnerabilities in organizations' digital defenses. As we usher into an era where data breaches and cyber attacks are commonplace, protecting digital assets becomes a crucial part of doing business. - read more


Your free Cyber insurance quote comparison starts here!
First Name:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Claim:
A formal request made by the policyholder to the insurance company for payment of a loss covered by the insurance policy.