15% of Australian households face insurance affordability stress due to rising car, home, and contents premiums.

Rising insurance premiums for car, home, and contents are driving up living costs in Australia, affecting 15% of households—approximately 1.61 million—who now face affordability stress. Key factors include claims costs, price inflation, and a competitive market. The Australian government has initiated a cyclone reinsurance pool to help mitigate these costs. Consumers can lower insurance expenses by being risk-aware and engaging with insurers on premium reduction strategies.

September 07, 2024
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