In this update to the Actuaries Institute’s Home Insurance Affordability Report 2023 (Home Insurance Affordability Update), Finity actuaries Sharanjit and Calise describe how affordability pressures have changed over the last 12 months.

This includes which customers are affected, and what perils are impacting the most. They also touch on how this has wider implications for banks, and the opportunities for insurers to support customers with resilience measures.

Key Takeaways

• Explain what proportion of Australian households face home insurance affordability stress in 2024
• Discuss what is driving the pressure on home insurance affordability
• Identify how can insurers work with governments and banks to improve resilience and contain premium pressures for customers

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