There are further signs of easing in the strata market, with underwriting agency Brooklyn today launching a strata product for northern Australia.

Brooklyn is targeting small and medium complexes of up to 25 units.

GM David Porteous says such buildings, often owner-occupied, have felt the force of price increases and low capacity more than larger properties.

“We don’t believe every apartment complex in north Queensland should be lumped into the same basket of not being able to withstand a cyclone,” he told insuranceNEWS.com.au.

Newer buildings can withstand a Category 5 cyclone and many older ones are “concrete bunkers” that are well constructed and compliant with the latest code.

“Our approach is that each and every building must be underwritten on its merits,” Mr Porteous said. “We want to work with the brokers and a team of risk engineers.

“We will go out and meet the body corporates.”

Lloyd’s underwrites other risks for Brooklyn, and Mr Porteous says the market was ready to provide $15 million capacity for the venture once its risk management approach was explained.

“The classic Lloyd’s model is to listen to people who bring a different approach,” he said.

Brooklyn will cover risk above the 26th parallel in Queensland, WA and the NT.