To highlight and address this issue, the Institute has published new research, Home Insurance Affordability Update and Funding for Flood Costs: Affordability, Availability and Public Policy Options. Home Insurance Affordability Update examines home insurance affordability in the context of all natural perils, and found that the proportion of “affordability stressed” households – those that spend more than one month’s worth of their gross annual income on home insurance – rose from 10 to 12% in the year to 31 March 2023. These households spend on average 8.8 weeks of their income on home insurance, which is more than seven times what the average household spends.
In this episode, lead author Sharanjit Paddam and Actuaries Institute Executive General Manager of Public Policy and Professionalism explore:
- The meaning of extreme affordability pressure and its drivers.
- Affordability by local government area (LGA).
- How the different types of natural perils impact insurance affordability.
- The expected impact of the Cyclone Reinsurance Pool on insurance affordability.
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