The Federal Government’s Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommended that government undertake a review of the effectiveness of measures to improve the quality of financial advice, including the provision of strata insurance via brokers and other intermediaries.
That review happened over 2022 with the final report being released in February 2023 with 22 recommendations, including the following which appear relevant to strata citizens:
How residential strata title insurance is a general insurance product with antecedent consequences.
The importance of insurance intermediaries as a distribution channel for strata insurance.
How asset based and ongoing insurance arranger fees worked in relation to strata insurance.
That there was a 6% increase in total paid strata insurance premiums between 2020 and 2021.
That there was a 17% decrease in premiums for strata insurance between 2020 and 2021.
You can read the final report here.