Insurances needle at cost-of-living crisis
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The Actuaries Institute reported in August that 1.6 million Australian households were experiencing financial stress as a result of escalating home insurance costs. This was a 360,000-household rise, or 30% more than the previous year.
According to Sharanjit Paddam, the primary author of the Actuaries Institute report, insurance premiums were rising faster than earnings, with the median premium increasing by 9% in the last year.
Paddam stated that climate change is one element contributing to the rising cost of insurance premiums.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.