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: NSW passes laws enabling 10‑year latent defects insurance for new apartments, giving owners first‑resort structural defect protection. Insurers urge the Climate Change Authority to prioritise disaster risk reduction alongside emissions, highlighting mitigation that can lower premiums. Despite a quiet first half for global catastrophes, wildfire risk is compounding and the second half is usually costlier—so committees should maintain risk controls and budget realistically. Finally, the ACCC rejects a bid to standardise two home insurance terms, so definitions still vary; owners should read policies carefully and keep maintenance records. Visit insurance-for-strata.com.au for support.
EPISODE 2642 | Insurance for Strata Weekly News Wrap | Wed, 12th Aug 2026
14 Aug 2026 | Paige Estritori
00:00:00
00:00:00
1x
Read Full Transcript:
Hello and welcome to Insurance for Strata Weekly News Wrap, Im Paige Estritori, and its Wednesday, 12 August 2026.
First, a major shift in New South Wales. Parliament has passed laws enabling 10‑year defect insurance for new apartment buildings. This decennial cover, known as latent defects insurance, sits as an alternative to the current two per cent strata building bond. It gives owners direct, first‑resort protection for major structural defects for a decade from completion. For committees and buyers, the move raises one simple question at every display suite and pre‑settlement meeting: does this building come with 10‑year defect cover, and who stands behind it? If youre comparing projects, factor that protection into your long‑term risk planning.
Next up, Australias insurers have asked the federal Climate Change Authority to treat disaster risk reduction as a co‑equal priority with emissions cuts. The industry is urging government investment in levees, stronger building standards and better hazard data, pointing to places where mitigation has already lowered premiums. For strata communities, the takeaway is practical: document risk improvements, complete maintenance on time, and keep valuations current. When hazards are reduced and records are clear, placements tend to land more smoothly.
Meanwhile, global catastrophe losses were unusually low in the first half of the year, but analysts warn its not a signal to expect easier renewals. Wildfire losses have been compounding at roughly eight to eleven per cent a year, and the second half is historically costlier. For committees, dont bank on a quiet season to deliver relief. Stay on top of brush and ember controls, keep roofs and gutters maintained, and budget early for realistic deductibles and limits.
And a quick consumer update. The competition regulator, the Australian Competition and Consumer Commission, has knocked back a bid to standardise two common home insurance terms about wear and tear and maintenance. That means wording will continue to vary by insurer. For strata owners, especially those with contents or landlord policies alongside the building cover, read definitions closely and keep maintenance logs. Clear records help avoid disputes and support smoother claims.
Thats it for this week. For guides, comparisons and help shaping the right strata insurance program for your building, visit insurance-for-strata.com.au. Im Paige; thanks for listening, and Ill see you next Wednesday.
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.
Renewed attention on apartment building defects is a timely reminder that strata insurance is not assessed in isolation from the physical condition of a scheme. For owners corporations and body corporates, the issue is not only whether cover is in place, but whether the building can be clearly presented to insurers as a well-managed and understood risk. - read more
APRA’s latest general insurance performance data has added a useful layer to the conversation about strata insurance affordability. The figures point to a sector that is financially stronger than it was during the most volatile phase of recent weather, claims inflation and reinsurance pressure. However, for owners corporations and body corporates, this should not be read as a signal that premiums will automatically ease at the next renewal. - read more
Fresh complaint data from the Australian Financial Complaints Authority has delivered a timely reminder that the pressure in general insurance is not only about the price of cover. For strata communities, the bigger issue is often what happens after a major loss: how quickly responsibility is accepted, how well repair scopes are documented and whether residents understand the limits of the policy before a dispute emerges. - read more
CHU Underwriting Agencies has launched its inaugural Green Grant Program, distributing $50,000 across seven strata communities on 16 July 2026. The initiative is modest in scale, with grants capped at $10,000 per successful application, but it points to a larger change in the way strata insurance risk is being discussed. Instead of focusing only on premium increases after extreme weather or building losses, insurers are increasingly looking at practical ways to reduce risk before claims occur. - read more
Strata insurance is a type of cover specifically designed for properties where multiple individuals own individual units within a larger complex. It plays a vital role in protecting these complexes financially by covering buildings and common property from potential risks. For property owners, understanding strata insurance is essential to ensure both compliance with legal requirements and adequate protection of their investment. - read more
Strata insurance is a specialized form of coverage tailored for property owners living in multi-unit complexes. Understanding its intricacies can be crucial for ensuring that all aspects of shared ownership and communal property responsibilities are adequately protected. - read more
In Australia, strata insurance is a crucial part of property ownership, offering peace of mind and financial protection. It's essential for property owners to understand what strata insurance entails and why it's so important. - read more
If you own a strata property, understanding your insurance is crucial. Strata insurance is a specific type of cover that protects shared and common property under a strata title or body corporate arrangement. This can include everything from the building itself to shared driveways, gardens, pools, or car parks. - read more
Knowledgebase
Public Liability Insurance: A very broad term for insurance covering liability exposures for individuals and business owners. It provides broad coverage, generally including all exposures for property damage and bodily injury.
