Strata insurance will undergo “enormous change” over the next three to five years, CHU CEO Bobby Lehane says.

The strata insurer celebrated its 40^th anniversary this month, but Mr Lehane says he is looking ahead to a very different future, with increased automation.

He says strata will increasingly be sold through brokers, thanks to the complexity of schemes and changing legislation requiring strata managers to obtain multiple insurance quotes.

CHU now sells 60% of its policies through brokers, and Mr Lehane believes 80% of strata will go through brokers within three years.

However, smaller schemes that don’t have a strata manager or broker involved will increasingly look to purchase insurance online.

CHU’s 40-year history reflects the changes that have taken place in the niche’s insurance business and the management of strata schemes.

The company was established in 1978 as Corporate Home Unit Underwriting. It remained the market’s only strata insurer until 1999, and in 2005 was acquired by QBE. In 2015 it was acquired by Steadfast.

The 40^th anniversary was marked with a celebration involving staff and invited guests at Pier One in Sydney.