Report warns 1.6 million Australian households struggling to insure their homes

Actuaries Institute report says rising insurance premiums set to increase further because of natural disasters associated with climate crisis

• Get our breaking news email, free app or daily news podcast

Fast-rising home insurance premiums have plunged 1.6 million households into affordability stress, an Actuaries Institute report has warned, with those in cyclone and flood-prone areas facing significant spikes in cost.

The figure is a 30% increase over the past year, and the institute has forecast it will only worsen as the frequency and intensity of natural disasters grows.

Sign up for Guardian Australia's breaking news email