Insurance industry faces ‘emerging crisis’, says ASIC boss

Corporate watchdog chairman Joe Longo says Australia faces an emerging insurance crisis as extreme weather drives premiums higher and makes an increasing number of properties uninsurable.

Insurance prices rose a colossal 16.3 per cent in the year to November, the fastest rate of any consumer spending category, according to the latest monthly inflation data published on Wednesday, which the Australian Bureau of Statistics attributed to increasingly severe weather disasters.