Insurer flags rising home fire costs as lithium-ion battery incidents increase

Battery fires double in high-value claims, pushing premiums up.

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.

To continue reading, please visit our ESS News website.