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.
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