Banks need to take note of who is under-insured
Risk-based approach to insurance might lead to the exclusion of high-risk properties.
Insurers are increasingly using risk-based pricing, particularly for high-risk properties.
The Reserve Bank warns some homeowners might find insurance increasingly unaffordable as insurers adopt risk-based pricing.
At the same time, it says banks need to give insurance cover greater attention given the increasing risks of underinsurance of high-risk properties over time.
It has released a
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