Premiums on rise as insurers face bigger weather damage bills
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Small businesses in Australia are seeing an increase in their premiums as insurers face growing extreme weather-related damage bills, ABC News reported. In Queensland alone, extreme weather cost insurers an estimated 800 million Australian ($522 million) more than they collected in premiums in 2022. Andrew Hall, chief executive at the Insurance Council of Australia, said that the Australian Prudential Regulation Authority estimated premiums have been increasing by 9% every year.
