0255 GMT - Australian general-insurance customers have been taking on higher excess as one way of addressing affordability concerns, Macquarie analysts say in a note. The investment bank says its survey finds that home-insurance excesses have increased more than personal motor excesses last year--10% versus 6.7%, respectively. For both home and personal motor insurance, new-business excesses are being increased more than on renewal business, says Macquarie, adding that "changes in excesses will be worth following for the coming around 12 months as a natural headwind for gross written premium growth." Still, Macquarie keeps its positive outlook on the Australian insurance sector.(alice.uribe@wsj.com)
(END) Dow Jones Newswires
April 15, 2024 22:55 ET (02:55 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Comments