Access to affordable and adequate insurance is of vital importance to the Tasmanian community and economy, yet there is a considerable insurance burden on vulnerable Tasmanians.
The TPE undertakes work to understand impacts on home insurance prices in Tasmania and develop options to ease the economic burden. yet insurance markets are complex and the factors influencing insurance costs are poorly understood.
The Tasmanian Policy Exchange has produced the following reports to help inform the debate about insurance in Tasmania. The first is a submission to the Tasmanian Government on TasInsure, which provides a brief overview of the national insurance market, the factors driving recent increases in home insurance premiums (in Tasmania and beyond) and the merits of establishing a state-owned provider. The second report was commissioned by the RACT to contextualise Tasmania’s insurance challenge, and to develop potential options to help ease the insurance burden on vulnerable Tasmanians.
that the evidence shows that while general insurance in Tasmania is lower than in the other eastern states, costs have increased significantly since 2020. These increases are largely due to structural factors (including increased rebuilding costs), greater climate-related risks, and higher global interest rates.