25th May 2022
Home insurance premium in Australia grew by 5.9% in 2021 which is the highest in the last seven years. Driven by rising insurance costs due to increased frequency of natural disasters in the country, the average home insurance premium in Australia is expected grow from AUD830.6 in 2021 to AUD916.9 in 2026, according to GlobalData.
The impact of natural catastrophe events is most severe on Personal property insurance which accounted for 80% of claims that occurred in 2021.
Swarup Kumar Sahoo, senior Insurance Analyst at GlobalData, comments “This will have significant impact on home insurance premiums as insurers will pass this to the consumers to recover the losses. Rising insurance costs and increased frequency of natural disasters will leave around 4% of the Australian homes uninsurable by 2030.”
GlobalData Trends(131 articles)