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Cyclone Debbie, storms to blow out house insurance bills
The fallout from Cyclone Debbie and a string of other natural disasters over the past year will force the insurance industry to ratchet up the cost of insuring a house.
It follows the first price increase for home and contents policies since 2013, with a 5 per cent rise over the March quarter compared to the prior year, according to a “shop around” survey by Morgan Stanley.
The price increases mark an end to years of downward pressure on insurance premiums, as ultra-low global interest rates sparked a flood of investment into new digital disrupter insurers that brought with them a policy price war.
“This is the first time our home premium index has been in positive territory since December 2013,” Morgan Stanley analyst Daniel Toohey said. “Pricing momentum likely continues following the Sydney hailstorm and Cyclone Debbie…
Crisis insurance: How to protect yourself against natural disasters
As India is vulnerable to natural disasters such as earthquakes, tsunamis and cyclones, here are some insurance covers which you must have to protect yourself and family during any natural calamity…
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