Home insurance premiums tipped to jump more than 10% after floods

Thursday 10 March 2022

More than 107,000 insurance claims arising from the floods in Queensland and New South Wales have been lodged to date. Investment and advisory firm Jarden estimates that the total cost of flood-related insurance claims could top $3 billion.

The firm has forecast that home insurance premiums will rise by more than 10% in fiscal 2022 due to the floods. This follows a 7.6% increase in the previous year.

Kieren Chidgey of Jarden says insurers are likely to increase their allowances for catastrophes again in 2022, which will also be passed on to customers.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.