1.6 Million Australian Households Struggling to Afford Home Insurance: Actuaries Institute

The Actuaries Institute said 15 percent of Australian households had a insurance premium quoted greater than 4 weeks of their gross income.

A flooded house is seen in the northwestern Sydney suburb of Windsor, Australia, on July 6, 2022. Muhammad Farooq/AFP via Getty Images

The Actuaries Institute has revealed that nearly one in six Australian households have difficulty paying for home insurance due to significant cost increases.

Actuaries Institute CEO Elayne Grace said the proportion of households facing extreme insurance affordability pressure was 15 percent as of March this year, up from 12 percent in 2023 and 10 percent in 2022.