Compare Life Insurance :: News
SHARE

Share this news item!

Impact of Victorian Bushfires on Insurance Premiums

Assessing the Financial Implications for Property Owners

Impact of Victorian Bushfires on Insurance Premiums?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Recent bushfires in Victoria have caused significant devastation, leading to a surge in insurance claims and raising concerns about the affordability of insurance premiums for property owners.
The Insurance Council of Australia (ICA) has declared the Victorian fires a catastrophic event, with over 2,600 claims filed, nearly half of which pertain to commercial properties, including farms.

Roger Wilkinson, a property owner in Harcourt, Victoria, experienced the destruction of his 130-year-old weatherboard home due to the fires. Fortunately, his insurer has already assessed the damage, providing some relief amidst the devastation. However, not all property owners were as fortunate. David Jeffries, a 69-year-old pensioner, lost his uninsured home in the same fire, highlighting the financial vulnerability of those unable to afford insurance premiums.

The ICA has indicated that while premiums do not typically rise automatically after a single event, a combination of costly disasters could impact prices. With claims from catastrophic weather events since September expected to exceed $2 billion nationally following the Victorian fires, there is a real concern about the future affordability and availability of insurance in high-risk areas.

For landlords and property investors, these developments underscore the importance of securing comprehensive insurance coverage and staying informed about potential premium increases. Engaging with insurance providers to understand policy options and exploring risk mitigation strategies can help manage the financial impact of such natural disasters.

Published:Saturday, 6th Jun 2026
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Rate this article

0 Comments

No comments yet. Be the first to share your thoughts.

Insurance News

A new life insurance discount puts long-term value in focus
A new life insurance discount puts long-term value in focus
14 Jul 2026: Paige Estritori
Partners Life has introduced a new Life Advantage discount, giving eligible customers a permanent reduction on selected life and trauma-related covers. The offer is aimed at non-smokers aged 16 and over who meet a specified body mass index range and complete full medical underwriting when applying for new or increased cover. - read more
Why the FMA’s conduct focus matters for life insurance buyers
Why the FMA’s conduct focus matters for life insurance buyers
11 Jul 2026: Paige Estritori
New Zealand’s financial advice sector is heading into a more targeted year of scrutiny after the Financial Markets Authority’s latest conduct priorities highlighted fraud, adviser commissions and complaints handling as areas of concern for 2026/27. For households arranging life, trauma, income protection or health-related cover, the message is practical: the quality of advice, disclosure and record keeping matters just as much as the premium on the page. - read more


Life Insurance Articles

Understanding Life Insurance Cover Amounts and Household Financial Needs
Understanding Life Insurance Cover Amounts and Household Financial Needs
Choosing a life insurance cover amount is one of the most important parts of arranging a policy. The cover amount, sometimes called the sum insured, is the amount that may be paid to beneficiaries or an estate if a valid life insurance claim is accepted. - read more
Life Insurance Claims, Exclusions and Disclosure in New Zealand
Life Insurance Claims, Exclusions and Disclosure in New Zealand
Life insurance is designed to provide a payment if the insured person dies or, in some policies, is diagnosed with a terminal illness and the claim meets the policy terms. For families and beneficiaries, the claims process can occur at a difficult time, so it is important to understand how claims are assessed and what issues may affect whether a claim is paid. - read more
How Life Insurance Policy Comparison Works in New Zealand
How Life Insurance Policy Comparison Works in New Zealand
Life insurance is a crucial financial safety net, offering monetary support to beneficiaries or an estate upon the death or terminal diagnosis of the insured. In New Zealand, life insurance options differ greatly, with variations in pricing, included features, claim evaluations, and specific conditions. - read more
Navigating Life Insurance Costs: Key Influencers in New Zealand
Navigating Life Insurance Costs: Key Influencers in New Zealand
Understanding why life insurance premiums vary is crucial for making informed decisions. In New Zealand, premiums reflect individual risk, policy specifics, and insurer-specific factors. While two people might seek similar coverage, their quoted premiums might differ greatly due to individual risk assessments and policy choices. - read more


Start Here !
life insurance
Apply now for your free Insurance assessment and price comparisons!

Start Here

Life Cover Amount:
Postcode:


All quotes are provided free and without obligation. We respect your privacy.
Knowledgebase
Subrogation:
An insurance carrier may reserve the "right of subrogation" in the event of a loss. This means that the company may choose to take action to recover the amount of a claim paid to a covered insured if the loss was caused by a third party.