The insurance giant behind the AAMI, GIO and Apia brands has flagged it will raise insurance premiums by up to 9 per cent, as rising home-repair costs weigh on the business.
One of Australia’s largest insurance providers will hike premiums this financial year by up to 9 per cent as labour shortages, inflation and extreme weather keep pushing up insurance costs for customers.
While annual inflation eased to 3.8 per cent in the June quarter, according to the Australian Bureau of Statistics’ most-recent Consumer Price Index figures, insurance costs grew 14 per cent – down from its high of 16.4 per cent in the prior corresponding period. Johnston said house fires were being exacerbated by lithium batteries, adding to the cost of claims, and homes were being flooded because of flexi water pipes installed more than a decade ago bursting and causing significant damage.In the 2024 financial year, Suncorp responded to 820 natural disasters that cost more than $10 million, including Cyclone Jasper in Queensland in December.
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