I start to become concerned when the CEO of the Insurance Council of Australia, Andrew Hall, says things like: ‘I’m very worried about strata insurance’.
After all, If he’s worried, what should the rest of us strata citizens be thinking?
According to Insurance News, Andrew said that during a 2023 webinar where he spoke about the John Trowbridge’s study on Strata Insurance Commissions and also announced that the ICA was working on a strata insurance white paper that it expected to complete during the final quarter of 2023. But, there’s no sign of it yet.
He was saying it because apparently demand for strata insurance outstrips the supply of it and as a result of the insurance sector’s lower risk appetite towards offering strata insurance. None of which assuages my concerns either.
So, let’s see if the white paper from ICA help strata citizens feel better when it’s finally available.
You can read the Insurance News article here.