Vamos wrote:Anyone else get a massive hike in their car insurance? I'm with AAMI and it's gone from $60 p/m to $100 p/m, did some online quotes and $100 p/m seems across the board.
It's across the board, our standard increase is around 30% from the previous year. Pretty much no one hasw been spared.
Thank mother nature for that, when you pay out $100 million in claims from a 10 min hailstorm, and then another X million dollars in flood claims, premiums are going to soar, regardless of whether you have personally claimed or not.
The pricing increases are being driven by global factors and are affecting the entire insurance industry.
These industry-wide premium increases are being driven by a range of external factors, including COVID-related supply chain delays, extreme weather events (e.g.: October 2021 SA Hailstorm, QLD and NSW floods, SA Bushfires, etc) and significant increases to reinsurance costs across Australia.
Insurance companies are required to have their own insurance which is called re-insurance. When major events occur (like hailstorms and floods etc) Insurance companies will often claim on that insurance and both companies will jointly cover the costs. The reinsurance company then charges consumer insurance companies, the amounts they need to cover hundreds of millions of dollars of claims.