<
https://theconversation.com/home-insurance-bills-are-soaring-as-climate-risks-grow-the-government-should-step-in-211515>
"The Actuaries Institute of Austalia has just confirmed what many Australian
households already know – home insurance is increasingly unaffordable.
It found average premiums climbed 28% in the year to March, while premiums for
higher-risk properties, such as those in flood-prone areas, climbed 50%.
The institute also found 12% of Australian households – 1.24 million – are
experiencing extreme home insurance affordability stress, defined as paying
more than four weeks of gross household income on premiums.
Twelve months ago, this figure was 10%, or 1 million households.
While in the past affordability had been recognised as a problem affecting
vulnerable Australians, it has got to the point where it is hitting households
across the socio-economic spectrum. And not only in Australia.
Insurers are increasing premiums in locations at high risk of climate-related
damage throughout the world and even withdrawing home insurance completely in
places such as California and Florida.
The high premiums are spreading to households in lower-risk locations through a
complex interconnected system of rising private reinsurance charges (insurance
for insurers), more frequent and worse weather events, and increasing
rebuilding costs."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
