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Insurance often finds itself at the centre of frustration when it comes to finances. In fact, a recent report by the Australian Financial Complaints Authority (AFCA) shows that comprehensive car insurance and home insurance are high on the list of consumer grievances, only surpassed by credit cards and personal transaction accounts.
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Insurance prices have seen their sharpest rise since March 2001, as indicated by the latest ABS Consumer Price Index (CPI). The 16.2% surge in insurance prices in the year leading up to December 2023 is almost four times greater than the overall rate of inflation, which stands at 4.1% for the same period.
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With Cyclone Kirrily on track to hit Queensland this week, residents are bracing for another major weather event, all too soon after being battered by Cyclone Jasper. Strong winds and widespread flooding are among the expected threats, prompting cautious preparations across the state.
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Heading into 2024, the home insurance market in Australia is undergoing some exciting changes. This year brings a blend of technological innovation and a stronger focus on climate resilience, reshaping the way Australians protect their homes.
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In a landmark move, the New South Wales government, led by Premier Chris Minns, has announced a major shift in how emergency services will be funded, promising to replace the levy on home insurance with a wider, state-wide contribution method.
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Two-thirds of Aussies are impacted by natural disasters, according to recent analysis from professional services firm, KPMG.
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In a recent ruling, the Australian Financial Complaints Authority (AFCA) has sided with an insurance company in denying a lost property claim, basing its ruling on the claimant's refusal to submit phone records to the insurer.
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The cost of home insurance is on the rise and Australians in natural-disaster-prone areas are facing the brunt of the pressure, even resorting to canning their policies altogether.
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Cost of living pressures are catching up to Australian homeowners. Roy Morgan reports that customers are becoming more likely to avoid loyalty tax by shopping around instead of automatically renewing their home insurance policy.
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There’s a general distrust of home insurance. After all, “Isn’t it better to save your money for a rainy day instead of spending it on a policy?”
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