Financial criminals are exploiting Australia’s worsening climate disasters and extreme weather events,including fires,floods and cyclones.
As climate change increases the severity and frequency of natural disasters,insurance companies face pressure to improve the handling of their claims.
Shopping around is confusing and time-consuming – and companies have worked out they can get away with charging existing customers thousands more each year.
Australian insurers expect premiums to continue rising this year despite growing concerns about affordability and the growing impact on the country’s inflation figures.
Australians have a habit of outsourcing very important things to profit-seeking businesses,then complaining when they behave like profit-seeking businesses.
The rocketing cost of home insurance makes the savings from shopping around particularly worthwhile.
Some of the country’s largest insurance companies have admitted making mistakes in their response to the 2022 floods,but warned premiums would continue to rise unless planning laws are improved.
The Insurance Council says the federal government must spend $250 million a year as natural disasters increase and insurance costs soar.
Suncorp chief executive Steve Johnston says the insurer has continued to face inflationary pressures,and it is responding to the higher costs through its pricing.
What’s likely to happen to premiums in the year ahead,and what’s on the cards if they don’t slow down?
Households and businesses were already able to access immediate disaster relief payments.