Bradley Heath, Managing Director of Sure Insurance, highlighted the challenges faced by body corporates and lot owners due to the withdrawal of some insurers from the residential strata market. This exodus has reduced competition and placed upward pressure on premium prices, leaving many body corporates struggling to secure sufficient coverage or resorting to offshore providers.
By raising the coverage limit, Sure Insurance aims to offer more competitive premium options and support well-managed body corporates that have implemented measures to enhance the resilience of their complexes. The insurer plans to reward such proactive management with reduced premiums, encouraging further investment in building resilience.
The expanded coverage is underwritten by Axa's XL Insurance and is available through Sure Insurance's network of authorized brokers throughout Regional Queensland. This initiative is expected to benefit over 500 strata complexes in the $5-$20 million range, providing them with more accessible and affordable insurance solutions.
Sure Insurance's commitment to the strata sector is further demonstrated by its participation in the federal government's cyclone reinsurance pool, which covers home and residential strata losses caused by cyclones and related flooding. This involvement underscores the insurer's dedication to supporting communities in cyclone-prone regions.
In November 2023, Sure Insurance was acquired by Steadfast Group, Australia's largest general insurance broker network, which purchased a 70% stake in the firm. This acquisition is anticipated to enhance Sure Insurance's capabilities and extend its unique value proposition beyond Northern Queensland.
