The ‘perfect storm’ behind insurance premiums increase

Research from CANSTAR has revealed average premiums have increased 18 per cent over the past year. 

CANSTAR Group executive Steve Mickenbecker says insurance companies “are allowed” to increase their premiums.

“Doing business is now more costly than it used to be because of inflation, but they’ve also had the issues of natural disasters, high costs of replacing cars and parts and getting repairs done, it’s sort of a perfect storm,” he told Tom Elliott.

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