How Climate Change is Pushing Insurance Stress to New Extremes!

A report prepared by analytics firm Finity Consulting mentions that one million households in Australia already face “extreme” levels of insurance stress and will bear the brunt of future premium hikes driven by climate change.

Furthermore, vulnerable households – defined in the report as the one in ten households spending the largest share of income on insurance – currently pay an average of 7.4 weeks’ pre-tax income on their premiums.

While vulnerable households are concentrated in northern Queensland, the Northern Territory and northern New South Wales, the report emphasises that vulnerable households exist in every council area in Australia.

Read the ABC Digital’s full article >>>
https://www.abc.net.au/news/2022-08-17/how-climate-change-is-pushing-insurance-stress-to-new-extremes/101336302#findyourLGA

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