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This map shows the affordability pressure of residential buildings and contents insurance premiums on average across each postcode. There may be specific locations within each postcode with different affordability pressures due to variable socioeconomic factors, insurance risk or individual circumstances. Note also that some postcodes are large in geographic area and have a low population.
An important limitation, which has been driven by data available to the Working Group, is that premium is an estimate of new business quotes charged by insurers, which may or may not reflect actual premiums paid, and summarised at a postcode average level. There may also be current levels of underinsurance or non-insurance that is not reflected in this analysis. This data was estimated by Finity and was made available to the Working Group. It covers more than 3,000 postcodes across Australia. Income and housing cost data (to determine ‘available income’) was supplied by the Australian Bureau of Statistics.
Areas for improvement would be obtaining actual premiums paid, the level of insurance coverage held by policyholders, and examining variability and drivers of socioeconomic factors or insurance risk within individual postcodes.