The Increasing Cost of Insurance

Recent climate change events such as bushfires and floods, as well as inflation and the COVID-19 pandemic are contributing to increases in insurance premiums – you may be interested in this article by Professor Michael Sherris from UNSW:  Why are insurance costs going up right now? | UNSW Newsroom.

We want to make sure our members have time to prepare, and factor cost increases into their budgets as early as possible. So, we wish to advise you that Regional Arts Victoria’s insurance costs will likely increase significantly – in line with insurance premium increases being experienced across the community. Knowing that our members were struggling to make ends meet, we did not pass on rate rises for 2022-2023, but we won’t be able to absorb increases for the next renewal. Please be assured that our insurance will remain very competitive because of the way we work, and we will ensure that the rate we offer is as low as possible. We will also let our members know specifics as soon as possible so that they have time to review their budgets.  

If RAV Members have questions about their current or future insurance needs, please reach out to [email protected]