Australia’s climate risks are making home insurance unaffordable

More expensive: A shopper at a retail store in Sydney.Many Australian households are struggling with elevated inflation, rising borrowing costs or soaring rents. —Reuters

SYDNEY: Australian home insurance premiums jumped the most in two decades in the past year, driven by weather catastrophes and higher building costs, says a new research.

Median home insurance premiums surged 28% to A$1,894 (US$1,240) in the year to March 31, according to a report released yesterday by the Actuaries Institute.