Brace for insurance premium pain

Home and car owners can expect a material rise in insurance premiums over the next year, particularly in flood and storm-hit areas, however business customers are likely to escape with only modest price rises, according to credit ratings agency Standard & Poor’s.

The comments come as Standard and Poor’s said Australian general insurers were financially well placed to meet the payout cost from the recent string of natural disasters. This suggests that even with billions of dollars in payouts, the nation’s general insurers are likely to avoid any negative hits to their credit ratings.

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