News Release Archive

FM Global has estimated that to meet the funding obligations to the fire and emergency services a rate of 30% will need to be applied to all assessable NSW premiums effective 30 December 2020.

ESL contributions are to increase by 21% from $898m in the 2019-2020 financial year to $1,090m in 2020-2021. Budget increases are to fund workers compensation reforms that allow for benefits to be payable to firefighters diagnosed with prescribed cancers, as well as increased expenditure in Rural Fire Services (RFS) capabilities. FM Global have estimated that to meet the funding obligations to the fire and emergency services a rate of 37% will need to be applied to all assessable NSW premium effective 30 JUN 2020.

In the latest financial reports available to us the industry premium pool reported higher than expected premium growth. In light of a larger market size, FM Global have estimated that to meet the funding obligations to the fire and emergency services a rate of 27% will need to be applied to all assessable NSW premium effective 30 MAR 2020.

In light of a bigger premium pool base, FM Global have estimated that to meet the funding obligations to the fire and emergency services a rate of 29% will need to be applied to all assessable NSW premium effective 15 FEB 2020. We expect a rate rise effective 30 JUN 2020 largely driven by the significant increase to the brigade budget for 2020/21.

FM Global have estimated that to meet the funding obligations to the fire and emergency services a rate of 30.5% will need to be applied to all assessable NSW premium effective 30 June 2019.

On 30-May-2017 the NSW Government announced it will defer the introduction of the Fire and Emergency Services Levy (FESL) as a property based tax, stating the ESL will continue to be collected via insurance policies.