There are signs more capacity is entering the north Queensland market, with Joe Vella Insurance Brokers (JVIB) launching a new specialist broker to write commercial cover.

JVIB launched 26th North at last week’s Steadfast convention, to write cover for commercial buildings valued above $5 million that are north of the 26th parallel.

26th North Group Corporate Broker Matt Devine says the company has attracted new capacity to the market thanks to technology it has developed with loss adjuster Cerno.

Its model interprets how a building will meet an insurer’s risk ratings.

Mr Devine says the company can help mid-tier brokers that might struggle to place risks in northern Australia.

“Most insurers have exposure to northern Australia and are quite happy with that level of exposure and we have had to attract new capital,” he told insuranceNEWS.com.au.

Although 26th North is not yet covering strata title property, Mr Devine says discussions with an insurer are under way and he expects this to happen.

The business will write properties built to the latest standards.

Mr Devine says owners who invest to ensure their properties meet such standards will be rewarded with appropriately priced cover.