Home insurance premiums have shot up 28 per cent in 2023, the biggest increase in two decades.

The crippling increase is an example of the wider insurance industry, with premiums rising across the board.

Press PLAY to hear more about soaring insurance premiums

6PR’s money export Evan Lucas told Millsy and Karl on 6PR Breakfast companies are not hiding how much profit they’re making.

“Last week we saw Suncorp and QBE tell us that their insurance business is absolutely exploding,” Mr Lucas said.