Fears many Australians will abandon home insurance as premiums jump 50% in high-risk areas

Median premiums across all areas rose 28% in the year to March, and actuaries warn climate disasters are driving them to unaffordable heights

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Home insurance premiums have climbed by 50% in high-risk parts of Australia as global heating increases the frequency and cost of climate disasters, a new report has found.

The Actuaries Institute’s research on home insurance affordability and funding for flood costs, released on Monday, found median home insurance premiums rose by 28% in the year to March, sitting at an average of $1,894 across all states.

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