Insurance premiums have skyrocketed in Victoria as a result of a surge in property crimes, with Victoria's domestic burglary payouts almost equalling NSW's and Queensland's combined, insurance figures showed.
Vehicle-theft claims jumped 62% from last year, as compared to a 19% rise in Queensland and a 12% drop in NSW, with payouts from burglaries and car thefts leaping to $164 million,
Insurance Council of Australia (ICA) data showed.
The greater crime risk in the state is reflected in the 6% increase in car insurance premiums in Victoria – faster than in any other state; and a 7.3% rise in the cost of home and contents insurance as compared to last year – higher than NSW's 3.4% and Queensland's 1.5%, the Herald Sun reported.
Theft and burglary from homes accounts for 11% of all insurance claims in Victoria, compared to a mere 4% in NSW and 5% in Queensland. The state's burglary rate, meanwhile, jumped by nearly a third from last year, compared with 9% in Queensland and 2% in NSW.
The figures suggest that much higher premiums are in store for Victorians, as the rate of growth in payouts vastly outstrips the growth in premiums, the report said.
Insurers forked out $72 million in the year to April 2017 from vehicle-theft claims, compared with $61 million in NSW and $36 million in Queensland. Meanwhile, a massive $92 million in payouts were made for theft and burglary claims, compared with $50 million in Western Australia, $47 million in NSW, and $45 million in Queensland.
Kelly O’Dwyer, senior Victorian federal MP and Financial Services and Revenue minister, said the “shocking rising crime wave” is costing all Victorians through rising insurance premiums and should be dealt with by the Andrew government.
“With people already sensitive to cost of living pressures, Victorians can’t afford this extra burden,” she told the publication.
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