Insurance Premiums on the rise

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Car and home insurance premiums have increased by as much as 30 per-cent as insurers look to recover from a year of heavy weather related claims.

The National Insurance Brokers Association (NIBA) who’s members insure nearly 50 per-cent of the total insurance market in Australia has release the details of rise in premiums in nearly a third of personal insurance products.

For business insurance customers the price rises have been in public liability insurance and professional indemnity insurance by more than 20 per cent.

The claims this year have included $1.1 billion for the Victorian bushfires and storm and flood damage in Queensland

Leading insurers are preparing to defend the rises with Insurance Australia Group ( NRMA, CGU etc), QBE, Suncorp (Suncorp, Vero etc) when they present their profit results

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