Why is insurance so expensive? | The Business | ABC News

The latest annual inflation data shows the cost of insurance rose 14 per cent in the 12 months to June.
The impacts of climate change, smarter cars and costly repairs are part of the problem.
While Australians might feel like premiums are too high, the companies which provide the cover are subsidising policies from investment returns.
Angelique Lu for The Business takes a closer look at why premiums are rising and what Australians can do to reduce their premiums.
#ABCBusiness

00:00 Inflation is one of the biggest drivers of inflation
00:46 Rising Premiums
01:48 Climate Change
02:42 Higher claim costs
03:05 Insurance profits
04:12 What can you do?

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