1.6 Million Australian Households Struggling to Afford Home Insurance: Actuaries Institute

Published on September 23, 2024

The Actuaries Institute has revealed that nearly one in six Australian households have difficulty paying for home insurance due to significant cost increases. Actuaries Institute CEO Elayne Grace said the proportion of households facing extreme insurance affordability pressure was 15 percent as of March this year, up from 12 percent in 2023 and 10 percent in 2022. “That means 1.61 million households in Australia have a household insurance premium quoted greater than four weeks of their gross household income,” she told recent Senate inquiry hearing. According to Grace, South East Queensland had the highest number of households with extreme affordability pressure, reflecting the region’s significant population growth....

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