Mortgage insurance claims climb in June quarter

Mortgage insurance claims paid by PMI Australia escalated during the June 2006 quarter. PMI said the number of claims paid increased to 104 in the June quarter, from 31 in the prior quarter and 42 in the prior corresponding quarter. The number of claims paid is still trivial, at a ratio of about 100 claims out of more than one million insured loans during the most recent quarter. However, the average size of claims paid increased to $43,600 in the June 2006 half year from $39,500 in the March 2006 quarter, and an average claim of US$26,000 in the June 2005 half year.