The “rain bomb” flooding eastern Australia will extend industry bleeding in the home insurance sector and fuel double-digit premium rises, according to insurer Youi.
“I cannot see how the industry is not going to push that through. They don’t have a choice. It’s not like anyone is making money [on home insurance] at the moment,” Youi chief executive Hugo Schreuder told The Australian Financial Review.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
