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Australia’s growing ranks of uninsured has Mulino worried

James Eyers

Financial Services Minister Daniel Mulino has raised concerns about the rising number of uninsured households in flood-prone areas, as a ramp-up in premiums by insurance companies to reflect heightened risks make them unaffordable for many.

An inaugural Financial Review Insurance Forum on Tuesday heard that the widespread adoption of risk-based pricing by insurers – which refers to premiums being set based on the specific risks, like flood, faced by individual properties – was creating social equity issues and could trigger a rethink on regulation.

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James Eyers writes on banking, finance, payments, regulation and emerging technologies. Based in Sydney, he is a former legal and investment banking editor at the AFR and has been a business journalist for more than 20 years. Email James at jeyers@afr.com.au

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    Original URL: https://www.afr.com/companies/financial-services/australia-s-growing-ranks-of-uninsured-has-mulino-worried-20250623-p5m9oa