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Mar 2021

Australia: Better measures needed to understand insurance affordability

Source: Asia Insurance Review | Jan 2021

Households in up to 12% of Australian postcodes may face pressure meeting annual home insurance premiums according to a major research paper from the Actuaries Institute.
 
The paper states that Australia has a sophisticated approach to pricing risk for natural disasters, which is reflected in premiums that can vary from less than A$1,000 ($743) a year to above A$10,000.
 
However, there is no clear and widely accepted measure for whether insurance is affordable and data is lacking to gauge the depth of the problem.
 
The paper therefore noted a need for temporary and targeted government intervention to help manage affordability, in at least the near term. A 
 
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