In August 2024, the Actuaries Institute stated that rising home insurance prices were causing financial strain for 1.6 million Australian households. This marked an increase of 360,000 households under stress, or 30% over the previous year.
According to Sharanjit Paddam, the lead author of the Actuaries Institute study, insurance premiums were rising faster than wages, with the median premium jumping by 9% the previous year.
Paddam argued that climate change is one of the factors driving up insurance premiums.
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