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Australian Insurers Achieve Record Profits Amid Rising Premiums

Industry Reports $6.1 Billion Profit, Tripling Five-Year Average

Australian Insurers Achieve Record Profits Amid Rising Premiums?w=400

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Australia's insurance industry has reported an after-tax profit of $6.1 billion for the year 2024, a figure that is three times higher than the five-year average of $2 billion.

This substantial increase is attributed to significant premium hikes and a relatively benign year for natural disasters.

In 2025, the average customer paid 19.3% more for home insurance coverage, with premiums rising from $1,070 to $1,277. Car insurance premiums also saw a 12% increase, climbing from $845 to $945. These increases have contributed significantly to the industry's profitability.

While the financial performance of insurers has been robust, the steep premium hikes have placed considerable financial pressure on consumers. Many homeowners and vehicle owners are grappling with the affordability of essential insurance coverage, raising concerns about underinsurance or opting out of coverage altogether.

For real estate professionals, these developments underscore the importance of comprehensive insurance coverage. The rising premiums highlight the need for agents and agency owners to regularly review their insurance policies to ensure they have adequate protection against potential risks. Additionally, understanding the factors driving premium increases can aid in budgeting and financial planning.

It's advisable for real estate professionals to consult with insurance brokers to explore options that balance cost and coverage effectively. Staying informed about industry trends and potential future premium adjustments will enable them to make proactive decisions to safeguard their businesses and assets.

Published:Wednesday, 12th Nov 2025
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

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Flood Insurance:
A specific type of property insurance that covers losses and damage caused by flooding.

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