CHU Enhances Strata Insurance Capacity for Larger Developments

Kimberley Jonsson, CEO of CHU, highlighted the rationale behind this strategic decision. She noted that the sustained growth in the size and unit volume of strata developments necessitated a corresponding expansion in insurance capacity. By increasing the coverage limit, CHU aims to provide more comprehensive insurance solutions to a broader range of customers residing in these larger strata communities.

The updated capacity encompasses all property-related sections under a single policy, including insured property, catastrophe cover, and lot owners' fixtures and improvements. This holistic approach ensures that CHU can offer robust protection tailored to the specific needs of expansive strata properties.

Jonsson also addressed the broader market dynamics, pointing out that while new entrants have introduced additional capacity into the Australian strata insurance market, much of this has been concentrated on smaller risks. The lack of options for larger sum insured properties has been a pressing issue. CHU's capacity increase is poised to fill this gap, offering more choices for customers and enabling the agency to independently provide quotes for larger risks or participate more substantially in existing co-insurance arrangements.

In addition to the capacity expansion, CHU has introduced an indicative pricing feature designed to streamline the quoting process for brokers. This tool provides non-binding premium estimates before a full underwriting assessment, allowing brokers to make informed decisions more efficiently. By offering immediate price visibility, CHU aims to enhance the broker's workflow, enabling them to deliver better outcomes for their clients and support the growth and resilience of strata communities across Australia.