Australian home insurance costs soar due to global climate disasters, making coverage nearly unaffordable.

Australian home insurance costs are expected to rise due to global climate disasters, including the recent catastrophic fires in Los Angeles. The Australia Institute reports that natural disasters have driven insurance costs beyond inflation, making coverage in disaster-prone areas nearly unaffordable. The reinsurance market, where local insurers buy coverage from international firms, is also contributing to higher premiums as these firms raise costs to cover losses from severe weather events worldwide.

2 months ago
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