From ESS News
Suncorp, which provides insurance in Australia and New Zealand, reports that lithium-ion battery fires are contributing to higher home insurance costs. The insurer said the higher number of battery-related losses adds to pressures from natural disasters and theft, with home insurance premiums rising 9.4% in 2024-25. April and May 2025 were the months with the highest value of fire claims on record, many connected to lithium-ion incidents.
In its latest financial reporting, Suncorp CEO and Managing Director Steve Johnston noted that the proportion of claims above AUD 500,000 ($325,000) involving lithium-ion ignition sources has doubled over five years, rising from 9% to 18%. Several cases resulted in the total loss of houses or apartments.
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