Insurance premiums rise faster than Australia’s inflation, spurred by frequent extreme weather
by Josh Nicholas and Jonathan Barrett from World news | The Guardian on (#6JCR2)
Insurance prices are up 16.2% over 12 months, as experts warn of fundamental change' in market
Insurance premiums are rising faster than inflation, squeezing homeowners, drivers and private health customers, as the rising cost of extreme weather events threatens to leave Australians exposed.
The sector, largely overlooked as a driver of inflation and cause of cost-of-living pressures, was the standout contributor to last week's inflation data, representing annual price increases not seen in more than two decades.
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