There are concerns many Australian households may start abandoning home insurance altogether. Here's why.
Insurance costs surge 50 per cent for high-risk properties due to climate change and supply chain issues.Actuaries propose subsidies, risk ratings and insurance pool to tackle affordability amid climate change.
Costs have been rising for everyone but covering the risk of floods has become particularly expensive, with low-income households most likely to be living in these areas and shouldering the burden. "Without insurance, households will struggle to recover from disasters and governments, taxpayers, charities and many informal means of support will be left to assist," Paddam warned.The issue of insurance affordability is on the federal government's radar, with Financial Services Minister Stephen Jones launching an investigation into the matter in the context of devastating floods in 2022.
The risk experts also recommended targeted, means-tested subsidies in recognition that low-income households are likely to be hardest hit.Australian home prices are set to keep rising this year, by up to 5 per cent
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