Hefty rate increases for insurance
10 Dec 2001
Insurance premiums are expected to increase by 10 to 15 per cent early next year.
With the HIH collapse earlier in the year and reinsurance costs increasing by 30 to 50 per cent on 31 December, insurers say they are under heavy pressure to increase premiums on insurance policies, including home and car insurance.
Research conducted by JP Morgan and Deloitte Touche Tohmatsu reports premiums will need to increase by between 10 and 15 percent for the insurers to cover the increased costs. An NRMA spokesperson claims the average home and car insurance annual premium will rise by about $30.
The Sydney Morning Herald, p1, 10/12/01.
by Karen Hawkins
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