Affordable insurance is a key part of ensuring resilient communities.
The paper, written by actuaries Sharanjit Paddam, Calise Liu and Saroop Philip, highlights that one million Australian homes (approximately 10%) spend more than four weeks of their gross annual income on home insurance, classified as vulnerable on the AAHIA Index. These vulnerable households are concentrated in the Northern Territory, Queensland and Northern NSW.
Affordability pressure is projected to intensify with climate change, and the impact will be greater for these already vulnerable households. The paper presents results under both a low and high emissions scenario.
Policy solutions to address home insurance affordability and the socioeconomic inequities of climate change are wide-ranging and include multiple stakeholders.
Prior to the paper's launch, Sharanjit Paddam and Calise Liu joined the Actuaries Institute podcast to discuss the key points of the Green Paper.
GREEN PAPER: https://actuaries.asn.au/public-policy-and-media/thought-leadership/thought-leadership/home-insurance-affordability-and-socioeconomic-equity-in-a-changing-climate
TRANSCRIPT: https://actuaries.logicaldoc.cloud/download-ticket?ticketId=e5faa1a5-ffd7-4fad-82d3-e225cf688052
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As the sole professional body for Members in Australia and overseas, the Actuaries Institute represents the interests of the profession to government, business and the community. Actuaries assess risks through long-term analyses, modelling and scenario planning across a wide range of business problems.
This unrivalled expertise enables the profession to comment on a range of business-related issues including enterprise risk management and prudential regulation, retirement income policy, finance and investment, general insurance, life insurance and health financing.
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