Climate risk to hit insurance premiums

Original article by David Ross
The Australian – Page: 15 : 4-Jan-21

The results of an Australian Competition and Consumer Commission inquiry into insurance in Northern Australia were released in the week ending 1 January. The ACCC has called on the federal government to directly subsidise insurance premiums in Australia’s tropical north, with some insurance companies stating in submissions to the inquiry that they expect to start pricing for climate change risks for customers in that part of the nation. The ACCC noted that home insurance premium growth across northern Australia rose 178 per cent between 2007 and 2019, compared to a 52 per cent rise in the rest of the country over the same period. The ACCC also called for the scrapping of stamp duty on insurance products, which is imposed by state and territory governments.


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