Victorian Bushfires Set to Drive Up Insurance Premiums in High-Risk Regions

Insurers Warn of Rising Costs Following Recent Catastrophic Events

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Recent bushfires in Victoria have raised concerns about potential increases in insurance premiums, particularly in regions already grappling with affordability issues.

The Insurance Council of Australia (ICA) has declared the 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, had his 130-year-old weatherboard home destroyed in the blaze. Fortunately, his insurer has already assessed the damage, providing some relief. In contrast, his neighbor, David Jeffries, who couldn't afford insurance, faces the daunting task of rebuilding without financial assistance.

The ICA's director of mitigation and extreme weather response, Liam Walter, indicated that while premiums don't typically rise after a single event, a series of costly disasters could impact pricing. He emphasized the importance of proactive measures, such as backburning and forestry management, to mitigate future risks.

For landlords, these developments underscore the importance of securing comprehensive insurance coverage and staying informed about potential premium changes, especially in high-risk areas.

Published:Saturday, 30th May 2026
Author: Paige Estritori

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Knowledgebase

Term Life Insurance:
A form of life insurance that is a pure protection policy with no cash or maturity value which lasts for a specific length of time, called a term.

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