Presented by Stephen Lau at the 2018 Personal Lines Pricing & Analytics Seminar.
The 2015 Productivity Commission report on Natural Disaster Funding has indicated that insurers have gotten better at pricing for natural perils over the last few years. However, high premiums in high risk areas have led to concerns about affordability of insurance. Our research in this presentation highlights that unaffordability is biased towards lower socioeconomic groups, leading to outcomes of non-insurance and underinsurance.
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