GOSTRATA Media’s Post

SCA & Deakin Strata Insurance Research Unpacked: Data InfoGraphics   SCA NSW has prepared some infographics from its sponsored 2021 Deakin University research.   Here we’re featuring some of the base data they’ve identified about Australian #strata insurance including the following interesting parts.   ·      165,554 Australian strata schemes [there’s about 360,000] paid $830 Million for insurance in 2020. ·      Strata insurance premiums increased 16% between 2016 and 2020. ·      27.45% of strata insurance premiums are paid to state governments I duty, levies & taxes. ·      Only a third of the premiums covers claim payments. ·      At least 38 different laws [covering 12 legal topics] apply to strata insurance coverage. ·      Strata managers perform 47 tasks in relation to insurance.   https://lnkd.in/gWy69uSa   * Item 24.029 in GoStrata Media’s info collection on the 2024 Strata Insurance Crisis.

SCA’s Video on Strata Insurance Affordability Strata Community Australia has prepared a few short videos with information and discussions arising from its 2021 sponsored Deakin University research that we featured in the Daily Post ‘An [Independent?] Report about Australian & New Zealand Strata Title Insurance’. In this video Andrew Davidson a #stratatitle manager from Noosa District Body Corporate Management speaks about one of the most pertinent issues impacting the #strata insurance sector; affordability and accessibility. Using Queensland as a case study, Andrew shares his experiences and outlines the effects the state's volatile climatic conditions have had on strata insurance pricing and availability. https://lnkd.in/gW5i6mJb * Item 24.060 in GoStrata Media’s info collection on the 2024 Strata Insurance Crisis.

SCA & Deakin Strata Insurance Research Unpacked: Claims InfoGraphics   SCA NSW has prepared some infographics from its sponsored Deakin research.   Here we’re featuring the claims data between 2016 and 2020 by claim numbers and values which reveal some interesting take aways as follows.   Storm and water damage top the lists at around 55% of claims & payouts.   Burst water pipes were 15% of claims and 11% of payouts.   Malicious damage represents 10% of claims but less than 5% of payouts.   Fire damage claims were rarer but comprised 22% of payouts.   $1.31 Billion was paid in claims over the 5 years [whilst at least $3.5 Billion in premiums were collected].   We’ve published Dr Nicole Johnson’s report A data-driven holistic understanding of strata insurance in Australia and New Zealand in the Daily Post An [Independent?] Report about Australian & New Zealand Strata Title Insurance.   https://lnkd.in/g4NtB4hZ   * Item 24.045 in GoStrata Media’s info collection on the 2024 Strata Insurance Crisis.  

Trowbridge Paper Two: Strata Insurance Findings & Recommendations   The second of two papers in John Trowbridge’s study on #strata insurance commissions and premiums covers disclosure limitations and recommends changes to increase transparency for strata buildings, committees and owners.   It’s addressed to different #stratatitle stakeholder groups in 3 sections, includes his findings, has 26 recommendations, and attaches recommend templates.   If you pay strata insurance premiums, or receive strata insurance commission, brokerage, or fees, you probably want to know what John says.   https://lnkd.in/g9EEq343   * Item 24.031 in GoStrata Media’s info collection on the 2024 Strata Insurance Crisis

Navigating the Strata Insurance Market! Body Corporate insurance premiums have surged over the last couple of years and it doesn't look like they will slow down this year. Insurers are in the process of restructuring their risk portfolios, examining current schemes, and seeking more information about Body Corporate owner's risk profiles before offering renewal terms. Premiums are on the rise and have increased around 20% driven by a combination of insured increasing their building sum insured and sector-wide rises. Looking ahead, it is suggested that committees, lot owners, and body corporate managers budget for premium increases of at least 15-20% this year for schemes that are claims-free and at least 30% for schemes with a challenging claims history. If you would like more information on Insurance premiums, don't hesitate to get in touch with your Body Corporate Manager or our insurance department at 08 8372 2787. - - #stratadata #bodycorporate #helpingyoulovewhereyoulive #bettertogether #insurancepremiums #navigatinginsurance #honan

A USA approach for increasing strata insurance costs If you were feeling a bit down because of the 2024 Strata insurance Crisis affecting Australian #stratatitle stakeholders, don’t, as we’re not alone. Strata insurance affordability and availability challenges are happening everywhere including in Colorado USA as this short article by Altitude Community Law ‘Help! My Association Can’t Afford its Insurance Premiums’ demonstrates. The article doesn’t discuss insurance commissions [although it does reference brokers] and offers the similar and different kinds of advice from what we’re hearing in Australia for strata buildings to try to reduce premium costs including: - increasing excesses to reduce claim volumes and premiums, - not over insuring the strata buildings and risks, and - shifting liabilities for things to #strata owners to reduce insurance risk exposures. So, it looks like the strata insurance crisis is global. https://lnkd.in/gvRZnFaf * Item 24.096 in GoStrata Media’s info collection on the 2024 Strata Insurance Crisis

In my latest video, I discuss content damage claims in strata buildings. Discover who is responsible and how to proceed when facing common issues like water damage. I also discuss the vital difference between strata insurance and contents insurance, and the legal aspects involved when the damage originates from common property or another lot.

Here is our latest General Insurance Insights newsletter

Are you in a builder in South Australia and not sure where to start when it comes to insurance? It’s complicated, we get in. Check this bog out for some tips to get you on the right track. #insuranceforbuilders #insurancebroker #construction

🏗️🛠️🔒 Excited to share our latest blog post on navigating builders insurance in South Australia! 📝 https://lnkd.in/gbZKuffa #buildersInsurance #SouthAustralia #InsuranceTips