Data from the Actuaries Institute shows that 1.6 million Australian households are now under financial stress due to the rising cost of home insurance premiums. This represents an increase of 360,000 households, 30% higher than a year ago.
Sharanjit Paddam, the lead author of the Actuaries Institute’s report, says insurance premiums are rising faster than wages, with the median premium increasing by 9% over the last year.
Paddam notes that climate change is one factor contributing to the rising cost of insurance premiums.
