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.
