Data from the Australian Competition Consumer Commission shows home and strata insurance in north Australia is 'much more expensive' compared to the rest of the country.
Some Darwin home owners are experiencing significant increases to their insurance premiums, despite not making claims.
"What I'm angry about is the actions of governments and corporations that worsen climate change — they're the ones I blame.""If it keeps increasing further and further, it'll just get to the point where we start thinking about what our choices are in terms of reducing the level of insurance we have," he said.
During 2023 in north Queensland and north-Western Australia, premiums for home and contents insurance rose, but decreased for strata insurance. He said that risk led to a lack of competition among insurance companies, particularly for strata buildings, which by law must be insured for full replacement value.
Northern Territory Climate Change Insurance Premiums Rising Darwin Queensland Western Australia Acil Cyclones Cyclone Reinsurance Pool Government
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australian surfing icon Stephanie Gilmore to continue break from full-time WSL competition7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Australian Tennis Players Vie for Australian Open QualificationAustralian players are gearing up for the Australian Open qualification rounds, aiming to secure a spot in the main draw. Marc Polmans, one of 15 wildcard recipients, highlights the intense competition and the physical demands of the qualifying process.
Read more »
Kokkinakis Hopes to Ignite Australian Comeback at Australian OpenThanasi Kokkinakis faces Jack Draper in a battle of the wounded at the Australian Open, hoping to spark a resurgence for Australian players after a string of early exits. The match takes place amidst weather disruptions and a battle for momentum on the court.
Read more »
Australian Wildcard Tristan Schoolkate Stuns Jannik Sinner in Australian Open UpsetTristan Schoolkate, an unseeded Australian player, shocked the tennis world by defeating world No.1 Jannik Sinner in the second round of the Australian Open. Schoolkate took the first set, capitalizing on Sinner's struggles with the wind and showcasing remarkable composure.
Read more »
ASX 200 LIVE: Australian shares are poised to open lower, November retail sales data awaitedAustralian shares are set to open lower. S&P 500 briefly trades below 5900. Retail sales data awaited. Bitcoin extends retreat. Follow updates here.
Read more »
Australian Market Poised for Gains Ahead of US Jobs DataThe Australian share market is expected to open higher today, driven by anticipation of US jobs data that could influence future interest rate decisions by the Federal Reserve. While global bond markets stabilized overnight, investors remain focused on the key US employment report, due early Saturday morning.
Read more »