CHU Expands Strata Insurance Capacity to Support Larger Developments
Meeting the Needs of Australia's Growing Strata Sector
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CHU Underwriting Agencies, Australia's largest strata insurance underwriting agency, has announced a significant increase in its single risk capacity, more than doubling it to $690 million.
This substantial enhancement reflects CHU's commitment to accommodating the evolving landscape of strata developments across the nation.
Effective immediately, this increased capacity applies to both residential and commercial strata properties. Kimberley Jonsson, CHU's Chief Executive Officer, highlighted the trend of strata developments becoming larger in size and unit volume. She expressed enthusiasm for the opportunity to provide insurance solutions to a broader customer base living in strata communities.
This development allows CHU to independently offer quotes for larger risks and to place larger shares in existing co-insurance arrangements when necessary. The expanded capacity encompasses all property-related covers under a single insurance policy, including insured property, catastrophe cover, and lot owners' fixtures and improvements. This enhancement positions CHU to better serve the needs of larger strata developments, offering more comprehensive and flexible insurance solutions.
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In a significant move to bolster the resilience of Australian strata communities, CHU Underwriting Agencies has integrated cyber protection into its residential strata insurance policies. This enhancement specifically targets the growing risk of social engineering fraud, a form of cybercrime where malicious actors impersonate trusted contacts to manipulate payment instructions. - read more
Suncorp, a leading Australian insurer, has strategically reclassified its strata insurance business from consumer to commercial, signalling a concerted effort to expand its footprint in the strata insurance market. This move aligns with the company's broader strategy to enhance its commercial insurance offerings and leverage synergies within its portfolio. - read more
CHU Underwriting Agencies, Australia's largest strata insurance underwriting agency, has announced a significant increase in its single risk capacity, more than doubling it to $690 million. This substantial enhancement reflects CHU's commitment to accommodating the evolving landscape of strata developments across the nation. - read more
Suncorp has recently finalised a substantial reinsurance agreement valued at AU$2.4 billion, spanning five years. This strategic move is designed to cap natural hazard costs in approximately 90% of scenarios, thereby enhancing the company's financial resilience. - read more
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