Insurance companies should be forced to disclose calculations, inquiry says as Australians face rising premiums

Flooding in the northern rivers region in 2022. People ‘should not have to pay for absurdly high insurance premiums for a climate crisis they didn’t cause’, said committee chair Mehreen Faruqi. Photograph: David Maurice Smith/The Guardian

A parliamentary select committee has recommended insurance companies be forced to disclose insurance premium calculations amid a surge in the cost of household policies, especially for those living in and around areas prone to natural disasters.

The recommendation, one of eight flowing out of an inquiry into the impact of climate change on insurance premiums, comes during a period of rising stress for many homeowners who have received huge price increases in their renewal notices with little explanation.