In August 2024, the Actuaries Institute reported that rising home insurance premiums were causing financial stress for 1.6 million Australian households. This represented a 360,000-household increase, or 30% more than the previous year.
According to Sharanjit Paddam, the principal author of the Actuaries Institute research, insurance premiums were rising faster than incomes, with the median premium increasing by 9% in the previous year.
Paddam claimed that climate change is one of the factors contributing to increased insurance prices.
