--- title: "Australian Home Insurance Statistics 2026 | CheckRate — C..." description: "Australian home insurers incurred $13.88 billion in gross claims during 2025, the highest annual total in APRA's current householders series and a 61% increase" lang: en-AU json-ld: | { "@context": "https://schema.org", "@type": "Article", "headline": "Australian Home Insurance Statistics 2026", "description": "Australian home insurers incurred $13.88 billion in gross claims during 2025, the highest annual total in APRA's current householders series and a 61% increase on 2024. Building-cover premiums have now climbed to more than five times their 2004 level, far outpacing inflation, while almost one in three surveyed homeowners had contents cover that was underinsured or uninsured.", "image": [ "https://images.unsplash.com/photo-1605276374104-dee2a0ed3cd6?auto=format&fit=crop&w=2000&q=80" ], "datePublished": "2026-05-29T00:00:00+00:00", "dateModified": "2026-07-02T07:09:50.511753+00:00", "author": { "@type": "Organization", "name": "CheckRate" }, "publisher": { "@type": "Organization", "name": "CheckRate" }, "mainEntityOfPage": { "@type": "WebPage", "@id": "https://checkrate.com.au/home-insurance" } } --- [CheckRate ](/) [Library](/articles) Back Housing # Australian Home Insurance Statistics 2026 Australian home insurers incurred $13.88 billion in gross claims during 2025, the highest annual total in APRA's current householders series and a 61% increase on 2024. Building-cover premiums have now climbed to more than five times their 2004 level, far outpacing inflation, while almost one in three surveyed homeowners had contents cover that was underinsured or uninsured. 8 min read 29 May 2026 Updated 02 July 2026 Fact checked In this article 1. [Claims outpaced premiums in the December quarter](#claims-outpaced-premiums-in-the-december-quarter) 2. [Home insurance has risen faster than contents cover](#home-insurance-has-risen-faster-than-contents-cover) 3. [Why do home and contents insurance premiums cost more in some areas?](#why-do-home-and-contents-insurance-premiums-cost-more-in-some-areas) 4. [Home insurance costs by state and territory](#home-insurance-costs-by-state-and-territory) 5. [How many Australians are underinsured?](#how-many-australians-are-underinsured) Key findings at a glance $13.9B Industry gross claims **incurred** in 2025, a 61% rise on 2024 125.9% December 2025 loss ratio, meaning gross claims incurred **exceeded gross accrued premium** 5.2× Building-cover premiums versus their **March 2004 level**, on the ISA index 29% Share of **surveyed homeowners** whose contents were underinsured or uninsured Section 01 2025 claims ## Claims outpaced premiums in the December quarter The December 2025 quarter was the heaviest period for home insurance claims. Insurers incurred **$5.45 billion** in gross claims against $4.33 billion in gross accrued premium, meaning claims cost more than the premium collected during the quarter. Reinsurance absorbed much of the impact. This is the cover insurers buy to protect themselves against large claim events. Australian insurers recovered $1.62 billion through reinsurance in the quarter, the second-largest quarterly recovery in the current APRA series, behind the $2.30 billion recovered in the March 2025 quarter, which coincided with ex-Tropical Cyclone Alfred. Even after those recoveries, net claims still reached $3.60 billion. The pressure was not spread evenly across the country, with two regions accounting for most of the quarter’s claims. Q4 2025 claims $5.45B Largest quarter in the post-2023 APRA householders flow series. 158% higher than Q4 2024. Q4 loss ratio 125.9% Gross claims incurred exceeded gross accrued premium. Q4 2024 was 54.0%. Reinsurance recoveries $4.30B Full year 2025. Up 152% on 2024. Net claims (2025) $8.94B After reinsurance recoveries. Up 36% on 2024. The most recent quarter available, March 2026, points to a return to more typical conditions. Insurers incurred $3.25 billion in gross claims against $4.26 billion in gross accrued premium, a loss ratio of 76.3%, down from 125.9% in the December quarter. Claims · March 2026 $3.25B Gross claims incurred, down 40% on the December 2025 quarter. Earned premium · March 2026 $4.26B Up 7.7% on the March 2025 quarter, extending 2025’s premium growth into 2026. ### Home insurance claims by state, December 2025 Claims were concentrated in Queensland and the Northern Territory in Q4 2025: - **Queensland:** $3.47 billion in claims against $978 million in revenue (355%) - **Northern Territory:** $101 million in claims against $29 million in revenue (348%) - **Western Australia:** claims at 28% of revenue - **ACT:** claims at 19% of revenue Quarterly claims and premium, 2010 to 2026 APRA home insurance class. $ per quarter. Gross accrued premium Gross claims incurred Major event APRA moved to a new reporting framework from 1 July 2023 (the shaded gap marks the transition, for which no quarterly figure was published). APRA states that data under the new framework cannot be used as a direct comparison with earlier figures, so pre- and post-2023 values on this chart should be read as broad historical context rather than a like-for-like series. Values are nominal. **Source:** APRA Quarterly general insurance performance statistics. ![CheckRate](/__l5e/assets-v1/7bc4597d-01a6-41ce-b2ee-e3271c8e8b60/checkrate-logo.png) 126% How Q4 2025 compared with past insurance loss ratios Q4 2025 recorded the highest quarterly loss ratio in the post-2023 APRA householders series. On the historical, pre-2023 APRA basis — which APRA says is not directly comparable with current figures — Q1 2011 had a higher single-quarter ratio of about 188%, during the Brisbane floods and Cyclone Yasi, but 2011 was otherwise quieter. In 2025, above-average claims continued across the year, pushing the full-year total to a new high in APRA’s current series. Gross claims and net claims Gross claims incurred are the gross cost of claims insurers recognised during the period, before reinsurance and other recoveries; it is not necessarily the same as cash paid out in that period. Net claims incurred is what’s left after those recoveries. In 2025, the $4.30 billion difference between gross ($13.88bn) and net ($8.94bn) claims incurred reflects reinsurance recoveries, which more than doubled compared with 2024. Industry totals, 2024 vs 2025 Metric 2024 2025 Change Gross written premium $15.85bn $17.05bn +7.5% Gross accrued premium $15.16bn $16.64bn +9.7% Net accrued premium $10.72bn $11.80bn +10.0% Gross claims incurred $8.62bn $13.88bn +61.0% Reinsurance recoveries $1.71bn $4.30bn +152.0% Net claims incurred $6.56bn $8.94bn +36.2% **Source:** APRA Quarterly general insurance performance statistics. ![CheckRate](/__l5e/assets-v1/7bc4597d-01a6-41ce-b2ee-e3271c8e8b60/checkrate-logo.png) Q What caused the 2025 increase in home insurance claims? + Two quarters accounted for most of the rise in home insurance claims. In the March 2025 quarter, ex-Tropical Cyclone Alfred crossed the south-east Queensland coast and caused widespread flooding, wind damage and coastal erosion across Queensland and northern NSW, contributing to claims for the quarter reaching $4.70 billion. The December 2025 quarter was even higher in dollar terms, with claims reaching $5.45 billion. Queensland accounted for $3.47 billion of that total. APRA’s data does not identify the specific events behind individual quarters, but the state split points to claims being concentrated in Queensland and the Northern Territory. Q Will 2025's claims push premiums higher in 2026? + Higher claims in 2025 may place upward pressure on premiums, but insurers do not price policies based on one year alone. They also consider reinsurance costs, capital requirements, long-term weather data and competition from other insurers. Net claims remained below net accrued premium for the year ($8.94 billion versus $11.80 billion), although underwriting profitability should be assessed using APRA’s broader insurance service result measures, not this comparison alone. The first 2026 data is now available. In the March 2026 quarter, gross written premium reached $4.25 billion, up 6.1% on the March 2025 quarter, and gross accrued premium rose 7.7% over the same period. At the same time, claims eased sharply from the December 2025 peak, with the loss ratio falling to 76.3% from 125.9%. Together, this suggests premiums kept rising into 2026 even as the acute pressure from 2025’s claims began to ease, which is consistent with insurers pricing off a longer run of claims experience rather than reacting to a single quarter. Section 02 20-year trend ## Home insurance has risen faster than contents cover Insurance Statistics Australia publishes a quarterly domestic buildings and contents insurance index for participating members, via the Insurance Council of Australia’s data hub. Using March 2004 as the baseline, with the index set at 100, this is how prices had changed by March 2024: - **Home building cover:** 100 to 524.6, more than 5 times higher - **Home contents cover:** 100 to 172.9, about 1.7 times higher For reference, ABS CPI rose by a broadly similar order of magnitude over the period. This means contents premiums roughly tracked inflation, while building insurance premiums rose much faster. ### Why building cover increased faster The cost of repairing and rebuilding homes has increased much faster than the cost of replacing household contents. Between 2004 and 2024, the average building claim cost rose from 95.6 to 1,079.8 on the index, making it more than 11 times higher. This helps explain why building insurance premiums have moved well ahead of contents premiums. Building claims are tied to labour, materials, compliance, demolition, access and rebuilding costs, which can rise sharply even when general consumer prices move more slowly. Home insurance index, March 2004 = 100 (premium) Quarterly readings, building vs contents PremiumClaim size Building Contents Indexed to the March 2004 quarter. Figures exclude state and Commonwealth taxes. **Source:** Insurance Statistics Australia, via the Insurance Council of Australia data hub. ![CheckRate](/__l5e/assets-v1/7bc4597d-01a6-41ce-b2ee-e3271c8e8b60/checkrate-logo.png) Building premiums are now 5.2 times their March 2004 level. Contents premiums, which cover replaceable goods, have risen only 1.7 times over the same period. About the data The series shows an index, not dollar figures. A reading of 524.6 means a typical building premium is 5.2 times its March 2004 level. The index tracks the direction and pace of price change rather than the dollar amount any individual household pays. Q How much have home insurance premiums risen over the past 20 years? + On the Insurance Statistics Australia index, where March 2004 = 100, building cover reached 524.6 by March 2024. That means building premiums were about 5.2 times higher than they were in 2004. Contents cover rose more slowly, reaching 172.9 by March 2024, or about 1.7 times higher. CPI rose by roughly the same amount over the period, which means contents premiums broadly tracked inflation, while building premiums rose much faster. Q Why do building premiums rise faster than contents? + Building premiums rise faster because the cost of repairing and rebuilding homes has increased much more sharply than the cost of replacing contents. Between March 2004 and March 2024, average building claim costs rose more than 11 times on the index, compared with 3.2 times for contents. Rebuilding work also depends on specialist trades, materials, demolition, access and compliance costs. In higher-risk areas, stricter building standards for bushfire and cyclone exposure can add further cost. Contents are usually simpler and cheaper to replace. Section 03 By location ## Why do home and contents insurance premiums cost more in some areas? Combined home and contents insurance premiums vary by location because insurers assess risk at a local level. The Australian Competition and Consumer Commission maps combined home and contents premiums across 330 SA3 areas in Australia as part of its cyclone reinsurance pool monitoring. Its 2026 insurance monitoring report, covering 2025 premiums, groups the mapped SA3s into bands from $1,250 upward: $1,250 to under $2,500, $2,500 to under $3,750, $3,750 to under $5,000, $5,000 to under $6,250, and $6,250 or above. Bands aren't comparable across editions Earlier editions of this article cited ACCC bands of under $1,800, $1,800 to $2,400, $2,400 to $3,000, and $3,000 or above. The ACCC’s own band thresholds have changed between report editions, so the figures below should be read as this cycle’s snapshot rather than a like-for-like update of previously published bands. What is an SA3? Statistical Area Level 3 (SA3) regions are ABS-defined geographies that usually cover 30,000 to 130,000 residents. They are broader than a postcode but finer than a local council area. Cronulla-Miranda-Caringbah, Inner Sydney, Cairns North and Ipswich Inner are each a single SA3, which lets the ACCC compare similar-sized areas. ### Where are combined home and contents premiums highest? Only one SA3 nationally reaches the top band of $6,250 or more: West Pilbara in Western Australia. The next band down, $5,000 to under $6,250, includes other remote WA regions exposed to cyclones — Kimberley, East Pilbara and Gascoyne — along with Darwin City and East Arnhem in the Northern Territory. That same band also includes four of the country’s priciest metropolitan and coastal pockets: Dural-Wisemans Ferry and Eastern Suburbs-North in Sydney, Stonnington-West in inner Melbourne, and Surfers Paradise on the Gold Coast, which are not part of the north WA and NT cluster that the ACCC highlights among the highest-premium cyclone-exposed regions. Higher sums insured may be one factor behind the Sydney and Melbourne pockets’ premiums, but the ACCC data does not attribute a cause to individual SA3 premiums. Either way, a high band shouldn’t be read as a pure risk ranking. Most of North Queensland sits one band lower, at $2,500 to under $3,750, including Cairns, Innisfail, Port Douglas and Mackay. Townsville and the Whitsundays reach the $3,750 to under $5,000 band. In New South Wales, the Blue Mountains and Richmond-Windsor sit at $2,500 to under $3,750, while Hawkesbury reaches $3,750 to under $5,000. ### Where are combined home and contents premiums lowest? The lowest premium band is $1,250 to under $2,500. These areas are mainly clustered in outer metropolitan suburbs and some regional areas, including: - **Outer Adelaide:** Playford, Salisbury, Tea Tree Gully - **Outer Melbourne:** Dandenong, Casey-South, Wyndham, Brimbank, Melton - **Outer Perth:** Wanneroo, Kwinana, Canning, Gosnells - **Rural areas:** parts of SA, WA, Victoria and Tasmania Spread of SA3 premium bands by state Share of mapped SA3 regions in each band, 2025 $1,250 to $2,500 $2,500 to $3,750 $3,750 to $5,000 $5,000 to $6,250 $6,250 or above NSW 17% 71% 10% 89 SA3s VIC 65% 32% 66 SA3s QLD 77% 15% 81 SA3s SA 79% 21% 28 SA3s WA 73% 12% 9% 34 SA3s TAS 87% 13% 15 SA3s NT 56% 22% 22% 9 SA3s ACT 50% 50% 8 SA3s Count of mapped SA3s shown on the right. **Source:** ACCC Insurance monitoring report 2026 (2025 premium data). ![CheckRate](/__l5e/assets-v1/7bc4597d-01a6-41ce-b2ee-e3271c8e8b60/checkrate-logo.png) Top premium band $6,250+ Only one SA3 nationally reaches this band: West Pilbara in Western Australia. Median band, SA $1,250 to $2,500 Most Adelaide suburbs sit in the lowest band: Playford, Salisbury, Tea Tree Gully, Marion and Onkaparinga. Q Why is home insurance more expensive in northern Australia? + Home insurance is more expensive in northern Australia because insurers price cover around the likelihood and cost of future claims. The tropical north is exposed to cyclones, monsoons and severe storms, which can lead to costly property damage. Major events such as Cyclone Yasi in 2011, Cyclone Debbie in 2017 and ex-Tropical Cyclone Alfred in 2025 show how large these claim events can become. This shows up in the ACCC’s regional data, but not as a uniform “north equals most expensive” pattern. In its 2026 report, the Northern Territory’s SA3s mostly sit at $2,500 to under $3,750, with Darwin City and East Arnhem the priciest at $5,000 to under $6,250 — no NT area reaches the very top band. The single most expensive SA3 nationally is instead West Pilbara in Western Australia, at $6,250 or above, alongside other remote, cyclone-exposed WA regions. Q Which parts of Australia have the cheapest combined home and contents premiums? + The cheapest home insurance areas are mostly in outer metropolitan suburbs and some regional areas. SA3 areas in the $1,250 to under $2,500 band include outer Adelaide suburbs such as Playford, Salisbury and Tea Tree Gully; outer Melbourne areas such as Dandenong, Casey-South, Wyndham, Melton and Brimbank; and outer Perth areas such as Wanneroo, Kwinana and Canning. Several rural parts of South Australia, Western Australia and Tasmania also fall into the lowest band. This likely reflects a mix of factors, including sums insured, local claims experience, insurer pricing and local hazard profiles. Tasmania has the highest share of any state in this band, at 87% of its mapped SA3s. Section 04 Snapshot by state ## Home insurance costs by state and territory Home insurance costs can look different depending on the dataset used. APRA claims data shows the pressure on insurers, while ACCC regional premium bands show how combined home and contents premiums vary within each state. The state comparison below brings together two datasets for each state or territory: - **APRA** (Q1 2026): industry claims versus revenue - **ACCC** (2025): typical combined home and contents premium band at SA3 level They use different methods and reference dates, so they are best read together. Select a state or territory Two angles: claims pressure on insurers, and how local prices typically land NSWVICQLDSAWATASNTACT New South Wales Two Sydney SA3s reach the $5,000+ band Industry · Q1 2026 Claims vs revenue 35.7% Claims as a share of quarterly revenue Claims (Q1) $512m Revenue $1,435m Local range · ACCC 2025 Typical combined home and contents SA3 band $2,500 to $3,750 Median SA3 band for the state **Note:** APRA claims data is for the March 2026 quarter; ACCC SA3 bands are 2025 data from its 2026 insurance monitoring report. Both are shown as published. Reading claims vs revenue A ratio above 100% means insurers’ claims incurred exceeded their revenue that quarter. In the March 2026 quarter, only the Northern Territory recorded a ratio above 100%, at 183%. That was down from two jurisdictions above 300% in the previous quarter. Victoria’s ratio rose to 84% and the ACT’s to 95%. APRA’s dataset does not identify the events behind a state’s claims in a given quarter, so these movements should be interpreted cautiously. A single quarter can swing a smaller jurisdiction’s ratio considerably, because the claims base is thin. Q Where can local home insurance costs be checked? + The ACCC’s SA3 analysis is the most detailed public data available for local combined home and contents premium comparisons. It maps 330 regions across Australia into five premium bands and is published with the ACCC’s insurance monitoring reports. Insurers price policies at the property-address level, so building age, construction type, location risk and sum insured can affect premiums within the same SA3. The ACCC’s bands are useful for comparison, but they should be treated as regional benchmarks rather than quotes. Section 05 Coverage gap ## How many Australians are underinsured? In 2025, The Australia Institute surveyed 2,009 Australians about their home insurance. Among people who owned their home outright or had a mortgage, the survey found clear gaps in both building and contents cover. Among homeowners surveyed: - **Home building:** 78% fully insured, 15% underinsured, 4% uninsured - **Home contents:** 68% fully insured, 19% underinsured, 10% uninsured That means **19% of homeowners** had insufficient building cover, while **29%** had a gap in contents cover. ### Why the gap matters Underinsurance often builds up over time without the homeowner noticing. A sum insured that was accurate five years ago may no longer cover the full cost of rebuilding today. This matters because a claim payout is usually limited by the insured amount, not the actual cost of repairing or replacing the home. If the cover has not kept pace with current costs, the homeowner may have to pay the shortfall themselves. 19% in the gap Home building coverage Fully insured 78% Underinsured 15% Uninsured 4% 29% in the gap Home contents coverage Fully insured 68% Underinsured 19% Uninsured 10% **Source:** The Australia Institute, 2025 survey of 2,009 Australians who own outright or have a mortgage. Don’t-know responses not shown. The sum insured trap A policy set at a $600,000 sum insured in 2019 might have been fine then. If rebuilding now costs $750,000, the owner is 20% underinsured without having changed anything. Checking the sum insured after renovations or significant rises in building and construction costs helps keep the gap small — sum insured should track the cost to rebuild, not the property’s market value. Q What percentage of Australian homes are underinsured? + The Australia Institute’s 2025 survey found that 15% of homeowners described their home building cover as underinsured, while 4% were uninsured. Together, that puts 19% of homeowners in the gap for building cover. Contents cover was less complete. 19% of homeowners said they were underinsured for contents, while 10% were uninsured. That means 29% were in the gap for contents cover. The true level of underinsurance may be higher because the survey relies on self-reporting. Many homeowners may not know whether their sum insured still matches the current cost to rebuild. Q What is the difference between underinsured and uninsured? + **Uninsured** means there is no policy in place. If the home is damaged, the owner has to pay the full cost themselves. **Underinsured** means there is a policy, but the sum insured is too low to cover the full cost of rebuilding or replacement. Some policies may also reduce partial claim payouts if the sum insured is too low. Both leave the owner exposed, but underinsurance is usually less obvious because it can build up quietly over time. General information only This article is based on publicly available data from APRA, the ACCC, Insurance Statistics Australia, The Australia Institute, the ABS and the Bureau of Meteorology. It is general information only and does not constitute financial or insurance advice. ## References 1. [APRA: Quarterly general insurance performance statistics, March 2026](https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-insurance-statistics-march-2026), released 29 May 2026. 2. [ACCC: Insurance monitoring report 2026](https://www.accc.gov.au/about-us/publications/serial-publications/insurance-monitoring-reports/accc-insurance-monitoring-report-2026), SA3-level combined home and contents premium bands using 2025 data. 3. ACCC: Insurance monitoring report 2026 supplementary data , Figure 6.1 SA3 premium-band spreadsheet. 4. [The Australia Institute: Polling, Home & contents insurance](https://australiainstitute.org.au/report/polling-home-contents-insurance/), March 2025 survey of 2,009 Australians. 5. [Insurance Council of Australia: Data hub](https://insurancecouncil.com.au/industry-members/data-hub/), Insurance Statistics Australia domestic buildings and contents index, CheckRate analysis of ISA member extract. 6. [Insurance Statistics Australia: Domestic Syndicate](https://insurancestats.com.au/coverage/domestic-syndicate/index.htm), quarterly domestic buildings and contents insurance data for syndicate members. 7. [ABS: Statistical Area Level 3](https://www.abs.gov.au/statistics/standards/australian-statistical-geography-standard-asgs/edition-3-july-2021-june-2026/main-structure-and-greater-capital-city-statistical-areas/statistical-area-level-3), SA3 geography definitions. 8. [Bureau of Meteorology: Severe Tropical Cyclone Alfred](https://www.bom.gov.au/cyclone/history/Alfred2025.shtml), 2025 event summary. 9. 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