Soaring premiums have driven an extra 300,000 households into financial stress to cover their home insurance costs.
Soaring home insurance premiums have left 1.6 million people in financial stress, increasing risks to the nation’s financial system as inflationary pressures and climate change make protecting the family home from disaster almost prohibitive.
Insurances, from home to cars, have soared across the world since the end of the Covid pandemic. In Australia,In Sydney, insurance prices have soared by 12.6 per cent over the past year and by 28.8 per cent over the past two years. Melbourne insurance prices have climbed by 11.1 per cent since June last year while Brisbane residents have endured a near 34 per cent lift in insurance prices over the past two years.
The largest number of people in insurance stress are in south-west Queensland, NSW’s northern rivers region centred on Lismore and regional Western Australia and Northern Territory. He said people were already paying for the impact of climate change through higher premiums because of a lift in the number of climate-induced natural disasters.
Up to 16 per cent of home loans in NSW’s northern rivers are at risk because of affordability stress from insurance, while in parts of Queensland and Western Australia between 8 and 12 per cent are at risk.
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