Actuaries Institute report says rising insurance premiums set to increase further because of natural disasters associated with climate crisis
The report’s lead author Sharanjit Paddam says the ‘increasing risk of natural disasters associated with climate change’ will continue to put upward pressure on home insurance premiums.The report’s lead author Sharanjit Paddam says the ‘increasing risk of natural disasters associated with climate change’ will continue to put upward pressure on home insurance premiums.Fast-rising home insurance premiums have plunged 1.
Households facing insurance affordability stress pay more than $5,200 a year in premiums, more than double the average, according to the report.The institute-commissioned report, authored by actuarial and insurance consultants Finity, found there was a 9% rise in median insurance premiums over a 12-month period.
The institute has previously suggested state governments may need to invest in the quality of social housing and resilience to disasters by issuing “climate adaptation bonds” or other finance instruments. She said the solution was to “transition away from fossil fuels now and stop opening new coal and gas mines”.Our Australian afternoon update breaks down the key stories of the day, telling you what’s happening and why it mattersRising home and auto premiums have been notable contributors to high inflation and household costs in recent years, due to increases not seen in more than two decades.
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