Each week, Insurance for Strata brings you a clear, no-fuss wrap of the biggest Australian strata and insurance stories. We filter regulatory updates, premium trends, weather and catastrophe impacts, building compliance developments, and notable claims decisions into a quick, reliable brief. Designed for committees, strata managers, and property stakeholders, it helps you stay informed, spot emerging risks, and understand what’s changing across states—so you can make confident, timely decisions without wading through headlines.
This Week:
This week: ASIC flags risks with cash settlements in home claims, noting high use and links to maintenance issues; ICA reports about $4b in insured losses over the year to June and sharp rises in rebuild costs, keeping pressure on premiums and repairs; an ombudsman case shows premiums can jump after a claim and that pricing models need not be disclosed; and NSW will require strata committee members to complete free online training within three months of appointment from 1 October 2026. Practical reminders: keep maintenance documented, review sums insured, compare options early, and schedule NSW training.
Hello and welcome to Insurance for Strata Weekly News Wrap, Im Paige Estritori, and its Wednesday 2 September 2026.
First, the corporate regulator, the Australian Securities and Investments Commission, has sharpened its focus on cash settlements in home claims. Its review found about 63% of claims involved a cash component, more than half of Cyclone Jasper offers were based on a single quote, and around a quarter of cash outcomes were linked to pre-existing maintenance issues. Why it matters: cash can speed things up, but it shifts coordination and cost risks to owners. For committees, keep maintenance records up to date, ask whether the insurer will manage both insured and non‑insured works if cash is offered, and make sure your broker explains settlement pathways before you decide.
Next up, the Insurance Council of Australia says seven events over the year to June generated about $4 billion in insured losses, with last Novembers storms the biggest. Building costs are up roughly 30% over five years and a standard Queensland rebuild now costs about 45% more than in 2021. That stretches repair timeframes and keeps pressure on premiums. Practical step: review sums insured against current rebuild costs and consider resilience upgrades when planning capital works.
Meanwhile, a recent ombudsman decision shows premiums can jump after a claim and rating changes. A homeowners renewal more than doubled, and the insurer wasnt required to disclose its pricing model. For bodies corporate, expect volatility after losses; compare options early each renewal cycle and allow contingency in budgets.
And for New South Wales listeners, a compliance reminder. From 1 October 2026, new and returning strata committee members must complete a free online training course from NSW Fair Trading within three months of appointment, or theyre automatically removed from the committee. The one‑hour, self‑paced course will run annually and is designed to clarify duties around governance, maintenance and risk. Secretaries should diarise deadlines and keep completion certificates on file.
Thats your wrap. For clear, tailored support on strata insurance—cover that fits your building and the rules where you live—visit insurance-for-strata.com.au.
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
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Knowledgebase
Double Indemnity: A clause or provision in a life insurance policy that doubles the payout in cases of accidental death.
