Home insurance affordability pressures have continued to rise in the year to March 2024 for almost all Australian Households, with increases in home insurance premiums continuing to outpace household income growth. These home insurance premium increases are primarily a consequence of increased reinsurance costs dung 2023, driven by rising costs of perils.

In a recent report for the Actuaries Institute, Finity Principal, Sharanjit Paddam estimated that nearly one in eight households in Australia face unaffordable home insurance, noting that insurance premiums will rise as we continue to experience climate impacts.

In this webinar, Sharanjit will discuss what is driving this change in premiums, and the implications for lenders, who rely on customers to transfer weather risks to insurers. Attendees will also hear the potential options for banks to assess and manage these risks and to support their customers.

Members can register here.