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AAP
AAP
William Ton

Insurance hikes are leaving struggle street unprotected

Insurance Climate Change Natural Disaster
Natural disasters are sending home insurance premiums through the roof. (Lucy Cambourn/AAP PHOTOS)

Millions of households are struggling to afford to safeguard their homes as climate change-induced natural disasters cause insurance premiums to spike.

The number of households facing home insurance stress - where premiums cost more than one month of their entire annual salary - rose by 30 per cent to 1.6 million in the past year, according to a report released on Monday by the Actuaries Institute.

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