OPINION: Rising natural disaster costs and upward price pressures in building and motor supply chains mean insurance policyholders face another year of stiff premium increases.
The rising cost of reinsurance protection against intensifying natural perils, plus inflationary pressure caused by choked supply chains, will mean another year of home and motor insurance premium increases of 5 to 10 per cent for customers of Insurance Australia Group.
IAG’s market presentation says its direct insurance division pushed through premium increases of 6.4 per cent in motor vehicle policies and 8.6 per cent in home policies in 2022, while the intermediated insurance business pushed through premium increases of 9 per cent. “We’ve got growth across the organisation, particularly in our direct businesses here in Australia,” Hawkins says.
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