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AFCA Challenges Suncorp's 60% Home Insurance Premium Hike

Examining the Implications of AFCA's Directive on Premium Increases

AFCA Challenges Suncorp's 60% Home Insurance Premium Hike?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The Australian Financial Complaints Authority (AFCA) has directed Suncorp to reassess a 60% increase in a customer's home insurance premium after the insurer failed to provide persuasive evidence justifying the hike.
This decision comes amid a backdrop of rising complaints about general insurers, with AFCA reporting record levels of grievances.

Consumer complaints about general insurers to AFCA have increased by more than 80% since 2018, with a significant spike following the 2022 floods. In the last financial year, there were over 29,000 complaints about general insurers, highlighting growing dissatisfaction among policyholders.

For tradespeople and small business owners, this ruling emphasizes the importance of understanding the factors that contribute to premium increases. It's crucial to maintain open communication with insurers and seek detailed explanations for any significant changes in premiums. Additionally, exploring alternative insurance providers and coverage options can ensure that policies remain both comprehensive and cost-effective.

Implementing proactive risk management measures, such as regular equipment maintenance, adherence to safety protocols, and staying informed about industry best practices, can also contribute to more favorable insurance terms and potentially lower premiums.

Published:Friday, 6th Mar 2026
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

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Knowledgebase
Beneficiary:
The person or entity designated to receive the death benefit from a life insurance policy.

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