Millions of Australians Face Home Insurance Affordability Crisis

Millions of Australians Face Home Insurance Affordability Crisis
Damaged buildings are seen after a cyclone in Kalbarri, Australia, on April 12, 2021. Yvonne McKenzie/Getty Images
Alfred Bui
Updated:
0:00

An insurance affordability crisis is brewing in Australia as extreme weather and high inflation have caused premiums to soar in the past year, affecting millions of households.

The median home insurance premiums jumped by 28 percent to $1,894 (US$1,225) in the 12 months to March, according to a new analysis (pdf) from the Actuaries Institute.
Alfred Bui
Alfred Bui
Author
Alfred Bui is an Australian reporter based in Melbourne and focuses on local and business news. He is a former small business owner and has two master’s degrees in business and business law. Contact him at [email protected].
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