PriyaPatel
TLDR: Australia: Home insurance market to see tech innovation and focus on climate risk in 2024
Heading into 2024, the home insurance market in Australia is undergoing some changes including a blend of technological innovation and a stronger focus on climate resilience, reshaping the way Australians protect their homes, says financial comparison company Mozo.
Key points:
- Smart home technology is being integrated into home insurance, allowing for savings on premiums.
- Rising climate risks are causing insurance events to become more common, leading to some insurers withdrawing from high-risk areas.
- The insurance industry in Australia is encouraging homeowners to adopt climate-resilient measures, which can result in lower insurance premiums.
Heading into 2024, the home insurance market in Australia is undergoing some changes including a blend of technological innovation and a stronger focus on climate resilience, reshaping the way Australians protect their homes, says financial comparison company Mozo. This article discusses the key trends that will shape the home insurance industry in Australia in 2024.
Smart home tech
The home insurance scene in Australia is getting a bit of an upgrade, thanks to smart home technology. For example, Honey Insurance offers home insurance along with smart home kits designed to keep an eye out for fires, leaks, and intruders. These kits can lead to savings on insurance premiums, as they lower the risk of incidents.
Rising tides, rising risks: home insurance in disaster-prone areas
The pattern of severe, frequent insurance events caused by natural disasters is becoming more common in Australia. Smaller insurers are already withdrawing from high-risk areas, reducing competition and limiting consumer choices.
Building resilience with climate-conscious coverage
The insurance industry in Australia is making strides in climate resilience. Homeowners are being encouraged to adopt measures like bushfire-proofing, which can lead to perks such as lower insurance premiums. This showcases the industry’s dedication to proactive, environment-friendly practices.
