Original article by Josh Nicholas, Jonathan Barrett
The Guardian Australia – Page: Online : 6-Feb-24

The latest inflation data shows that insurance premiums have risen by 16.2 per cent over the last year. In contrast, the annual inflation rate was just 4.1 per cent. An Insurance Council of Australia spokesperson says factors such as the rising cost of natural disasters are contributing to the spike in premiums. Reinsurers are also taking into account the impact of climate change when setting their prices, and any such increases are ultimately passed on insurance companies’ customers.

CORPORATES
INSURANCE COUNCIL OF AUSTRALIA LIMITED