Advertisement
In August 2024, the Actuaries Institute reported that rising home insurance premiums were causing financial stress for 1.6 million Australian households. This represented a 360,000-household increase, or 30% more than the previous year.
According to Sharanjit Paddam, the principal author of the Actuaries Institute research, insurance premiums were rising faster than incomes, with the median premium increasing by 9% in the previous year.
Paddam claimed that climate change is one of the factors contributing to increased insurance prices.
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
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.