Inflation Not the Reason With Insurance Premium Hikes: Broker Network CEO

Published on October 9, 2024

The CEO of a major insurance broker network has said inflation was not the driver behind the recent surge in insurance premiums across Australia. During an inquiry hearing on Oct. 9, members of a Senate Committee questioned Steadfast Group CEO Robert Kelly about the rise in insurance unaffordability since 2019, which was higher than the inflation growth. In response, Kelly said that insurance costs in Australia have gone up since 2011 because of the impact of claims. “It’s like a collection of money that you take in, and you spread over a whole lot of risks, and you hope to make a margin out of it,” he said....

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