Australian insurers have paid out $4.3 billion in natural disaster payouts since 2007 which is more the 2.5 times the 20 year average, with 1.1 billion paid out in the Victorian Bush Fires alone.
The result is the insurers are signalling a premium rise in rural Victoria and Queensland, Insurance Australia Group (CGU, NRMA, RACV etc) said premiums for car insurance has increase by 6.3% last year and house insurance premiums have increased on average by 7.9%. Chief executive Mike Wilkins said the insurer was planning further increases” for general insurance, but these are likely to be contained, IAG has said it will not target the bush fire victims for price increase.
Other insurers have also signal an increase with Suncorp (GIO, AAMI etc) announcing a rise of around 10% for home insurance premiums
Arrange an Insurance Quote Here
The information provided by Quotesonline.com.au is indicative only and given in good faith by Quotesonline.com.au and our partners. All information is subject to change without notice. Please refer to Terms and Conditions of you insurance policy from the respective institution. Please also note Evitz “Quotesonline” does not have a Australian Financial Services License. The information in this website is general in nature and may not be relevant to your individual circumstances. You should refrain from doing anything in reliance on this information without first obtaining suitable professional advice. You should obtain and consider a Product Disclosure Statement (PDS) before making any decision to acquire a product ‘
