A Little Bit about the Underwriting Agencies Council

To better understand strata insurance issues, it’s important to know a little bit about the industry and sector groups that operate in and around the Australian insurance world.

One of the less well known but very influential industry groups is the Underwriting Agencies Council that represents insurance underwriters operating in Australia [including for the strata sector].

The UAC’s 100+ members comprise the vast majority of Australian underwriting agencies that represent more than $6 Billion worth of annual insurance premiums [that’s a lot] and a quick look at their membership list reveals many underwriters that are familiar to strata stakeholders.

The UAC says its objectives are to:

• Monitor and developing positions on insurance regulation and issues affecting underwriters.

• Represent underwriters with legislative or government bodies that impact on underwriters.

• Represent underwriters on bodies or organisations with interests in, or impacting on,

• Promote underwriters as an economically efficient means of insurance distribution.

• Promote underwriters’ views, interests and arguments to organisations, the media and the Australian public.

• Set guidelines that help the stability, security and reputation of underwriting businesses.

And, its history page tells a revealing story about why it exists and its objectives.

The UAC is a very focused  and powerful group affecting strata insurance issues and outcomes.  So, we’ll be publishing more information about what they are [and aren’t] doing in relation to the 2024 Strata Insurance Crisis.

In the meantime you can find out more about @UAC here.