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: APRAs May 29 update shows home insurance still loss‑making, signalling ongoing pricing pressure near strata lines. CSIRO confirms its North Ryde fire-testing lab will close in December 2026, raising compliance and timing risks for fire safety products. AFACs May 28 winter outlook warns of elevated bushfire potential in parts of NSW and northern WA, prompting preparedness for strata schemes. On June 2, ASIC and APRA push insurers to tighten AI governance, meaning more detailed data and documentation at renewal and claims. Practical focus: accurate sums insured, rigorous maintenance records, current certifications, and proactive risk mitigation.
EPISODE 2024 | Insurance for Strata Weekly News Wrap | Wed, 3rd Jun 2026
8 Jun 2026 | Paige Estritori
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Read Full Transcript:
Hello and welcome to Insurance for Strata Weekly News Wrap, Im Paige Estritori, and its Wednesday, 3 June 2026.
First, APRA — the Australian Prudential Regulation Authority — reported on May 29 that household insurance was still in the red over the March quarter, even as the wider industry returned to profit. When home cover remains unprofitable, pressure can spill into property lines that sit alongside strata building risks. For committees, that means sharper focus on accurate sums insured, well-documented maintenance, and tidy claims histories so brokers can negotiate competitive, tailored strata insurance without gaps in coverage.
Meanwhile on May 29, CSIRO — the national science agency — confirmed its North Ryde fire-testing laboratory will close when the site lease ends in December 2026. Industry experts warn this could slow product testing and create compliance uncertainty, echoing lessons from past cladding issues. If your building plans fire safety upgrades or façade works, expect longer lead times and insist on up‑to‑date test evidence and certifications. Keep your documentation tight to support renewals and any future strata insurance claims.
On May 28, AFAC — the fire and emergency services council — issued its winter outlook, flagging above‑normal bushfire potential later this winter in drought‑affected parts of NSW and increased risk in northern WA. Strata schemes on the fringe of bushland should clear gutters and vegetation around common property, check fire doors and pumps, and update evacuation plans. Insurers value visible risk reduction; it can help broaden market appetite for your strata insurance policy.
And on June 2, ASIC and APRA urged insurers to lift governance around the use of artificial intelligence. Expect more detailed questions at renewal and closer scrutiny of building data and claims evidence as insurers tighten decision controls. Committees that keep clean records — think building reports, defect logs, compliance certificates and photos — make it easier for brokers to present your risk clearly and keep premiums competitive.
Thats the wrap. For support with policy reviews, quotes and claims management tailored to your building, head to insurance-for-strata.com.au. Im Paige Estritori — thanks for listening and 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.
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Knowledgebase
Insurance broker: An agent acting on behalf of the insured (not the insurance company) who negotiates the terms and cover provided by the insurer in the insurance policy.
