One of the less prominent players in the 2024 Strata Insurance Crisis are the brokers.
They are the main channel between the insurers [who provide the coverage] and the consumer strata buildings that pay for and benefit from the policies. They’re also licensed and regulated. So, you’d expect them to know a fair bit about all things insurance, and in the case of strata insurance brokers, unique influences and impacts on strata stakeholders.
Well, here’s what one strata insurance broker, Whitbread, said in February 2024 about exactly that in its article The Strata Insurance Market Explained.
You can read the article here.
A few highlights that stood out for me include the following.
That there’s going to be ‘additional information requirements introduced by insurers on renewal, especially for defects’.
That there are ‘fewer speciality strata insurers in the market, meaning there is less competition and those that remain have narrower risk appetites’.
That there are an ‘increasing number of strata properties are classed as ‘very high risk’, and carry high repair costs’.
And, you can find out more about Whitbread here.