All the Strata Insurance Underwriters in a Bucket
or, who's designing Australian strata insurance cover in this game …
A Quick Read
The Australian strata insurance game is tricky and high stakes, but worth playing well. And, to do that you need to know the other gamers and what moves they’re likely to make. So, in this article, let’s meet the 18 insurance underwriters strata citizens players will come across.
[a 5:75 minute read, with 1133 words]
The Full Article
INTRODUCTION
We’ve explained who all the players in the strata insurance game are in the Article Ready Strata Players One, Two, Three, etc: or, all the players in the strata insurance multiverse game …
And, we’ve featured the 13 strata insurers in the Article All the Strata Insurers in a Row: or, who's covering Australian strata risks in this game …
So, let’s now look more closely at some more of the gamers, the 18 strata insurance underwriters. If I’ve missed any, please let me know.
You’ll recall that underwriters often look a lot like insurers and act a lot like them too, but they are actually intermediaries between insurers and most other players in the strata insurance game.
Underwriters evaluate and analyse the risks involved in insuring strata buildings, people and other things to decide whether to offer insurance coverage, and if so, under what terms and at what cost. They do that by using a variety of data, including financial records, claims history, and strata building information, to assess the likelihood and magnitude of potential losses and to develop policies, exclusions, excesses and premiums.
So, they’re the ones shaping available insurance cover, terms and risk pricing in the strata insurance game.
Plus, underwriters get paid by the strata building customer that’s buying the insurance.
Typically, underwriters operate through brokers and strata mangers. But, underwriters will also issue policies and handle claims directly with strata building customers.
So, here they all are with their own bio words and links to their primary web presence.
ALL THE STRATA UNDERWRITERS
Axis Underwriting Millennium
‘Axis strata products are designed for a wide range of risks from residential through to retail shops and multi tenanted industrial complexes.’
https://axisunderwriting.com.au/
GIO Strata Insurance
‘Comprehensive cover for residential buildings under a strata, body corporate or community title.’
https://www.gio.com.au/home-insurance/top-strata-residential.html
Suncorp Strata Insurance
‘Insurance for residential buildings, governed by body corporates or owners corporations, that share common property/’
https://www.suncorp.com.au/insurance/home/strata.html
QUS Strata Select
‘QUS launched in 2008, and is focused on providing outstanding brand experiences to our brokers and their clients. We are determined on becoming the brokers ‘first choice’ by providing quality, innovative strata insurance solutions at a fair price for both the consumer and our capacity provider.’
https://qus.com.au/residential-strata/
Strata Community Insurance
‘We are a privately owned business. There are no conflicts of interest introduced by our ownership structure. Have CONFIDENCE in our expertise. Strata insurance is our only business … and we’re good at it. Our policies are underwritten by Allianz Australia Insurance Limited, part of the Allianz Group, one of the world’s largest insurers. We are recognised in the strata industry as a trusted partner, a knowledgeable confidant, and the go-to risk and insurance expert for all things strata.’
https://stratacommunityinsure.com.au/
Longitude
At Longitude we believe in Service Beyond Strata. We are single minded – we only do strata insurance! This dedicated approach translates to bespoke policy coverage.
https://www.longitudeinsurance.com.au/
Strata Unit Underwriters [SUU]
SUU was established in 1999 to give the Australian strata community choice and peace of mind when it comes to insurance and risk management solutions. Across two decades of operation, we have maintained a strong focus on delivering superior customer experiences while also continuing our commitment to providing protection to strata communities throughout the many regions of Australia.’
CGU Insurance
‘CGU is a leading commercial, rural and personal lines insurer and a top-three provider of workers compensation insurance. We offer market-leading products and outstanding service, backed by a 165-year heritage, national reach and the financial strength that comes from being part of Australia’s largest insurance parent, Insurance Australia Group (IAG).’
WFI
‘Insurance cover you can tailor to suit your commercial strata complex. Protect your commercial strata property with specialised insurance from WFI. Our strata insurance can be tailored to suit a wide range of commercial strata property types, from retail shops through to multi-tenanted office or industrial buildings.’
Sure Strata Insurance
‘SureInsure is an Insurance Broker in Brisbane, Australia. Learn about the team of experts at SureInsure Insurance Brokers. We help you understand myriads of policies. We can assess your policies whether they be covering your business, or your personal and family insurance needs.’
https://www.sureinsure.com.au/personal-insurance/strata-insurance/
CHU
‘CHU is one of Australia's largest and most awarded insurance underwriting agencies.
CHU's difference is that it offers comprehensive insurance, so you don’t need to purchase ‘optional extras’. CHU specialises in providing comprehensive insurance for strata properties like apartments, units, villas and townhouses.’
Flex
‘Flex Insurance, Your cover your choice. Backed by QBE and developed in consultation with CHU, insurance brokers and strata managers, Flex Insurance is one of the most flexible residential strata insurance products on the market.’
Elders Residential
‘No matter where life takes you, Elders Insurance will be right there with you. We might not know what the future holds, but when you're covered with us, you can feel safe knowing that you're in good hands in those times of trouble. With Agents that live and work in their local communities, you'll speak to someone who truly understands your unique circumstances. Whether you just want to chat or you need to make a claim, we'll be there to help and provide a cover that's just right for you.’
https://www.eldersinsurance.com.au/personal-insurance/residential-strata
CommunitySure
‘CommunitySure is a strata insurance product available via specific brokers, exclusively for all PICA Group customers. These brokers include BCB, BAC, Honan and Whitbread. CommunitySure is available exclusively to properties managed by PICA Group. Our customers enjoy peace of mind knowing that our policy is backed by QBE and CHU, one of Australia’s largest strata insurers. It provides high levels of extra cover at no additional cost.’
https://picagroup.com.au/community-sure/
RACQ Body Corporate Insurance
‘RACQ is a departing strata insurance underwriter as RACQ Body Corporate Insurance will no longer be available for purchase from the 1st November 2022 and no longer available for renewal from the 1st January 2023. All current RACQ Body Corporate Insurance members will receive communication notifying them of this change at their next policy renewal date.’
https://www.racq.com.au/home/home-insurance/body-corporate-insurance#features
RACT Strata Insurance
‘We've been a part of the Tasmanian community for 100 years. Since forming in 1923, we've always had the same purpose – to be Tasmania’s shoulder to lean on and voice when it matters. Do you live in a strata unit? Maybe you're thinking of dipping your toes into strata investment? You could have insurance for your strata property in just a few minutes.’
https://www.ract.com.au/insurance-and-finance/strata-insurance
Hutch Underwriting
‘Hutch’s Residential Strata policy protects bodies corporate from Property and Liability claims. In an industry first, our innovative product offering includes cover against Cyber fraud and liability, as well as the usual suite of core and optional covers that clients have come to expect.’
https://hutchunderwriting.com.au/
Investment Insurance Solutions
‘Established in 2015, Insurance Investment Solutions is an independently owned underwriting agency that provides intermediaries with access to alternative distribution channels. With over 100 years of combined experience, our team has a substantial amount of knowledge in the insurance space – from broking and direct insurance, reinsurance to building development and risk surveying. We’re proud to be experts in our field. Our specialist product knowledge, combined with our innovative, whole of portfolio approach, has been a catalyst for our solid track record in writing profitable insurance business.’
Brooklyn Underwriting
As of 2024, Brooklyn Underwriting no longer offer a strata insurance product.
https://www.brooklynunderwriting.com.au/
Express Insurance
As of 2024, Express Insurance no longer offer a strata insurance product.
https://www.expressinsurance.com.au/
CONCLUSIONS
You’ll recognise some but not all these underwriters and you may have dealt with them in your strata buildings. Either way, understand that the kind of strata insurance you get, the policy terms, excesses, exclusions and conditions are up to these underwriters.
Next, we’ll look at all the strata insurance brokers.
May 14, 2024
Francesco …