Underwriting agency Sure Insurance says it has made huge strides in north Queensland since its commercial launch a year ago, deploying a “specialist” mindset to crack a market that has seen an exodus of insurers.

The agency this month started offering residential strata insurance, in addition to home insurance that has been available since it started.

“We’ve been really blown away by the support there,” MD Bradley Heath told insuranceNEWS.com.au. “We are very, very happy with our growth and have done tens of thousands of quotes.

“We understand the market very well, we understand the realities of the market. We have taken a very specialist approach.”

Mr Heath says the business has also enjoyed strong support from Liberty Mutual, which is the capacity provider for its two main insurance products.

The entry into strata will see Sure initially provide cover for buildings up to a maximum $5 million in replacement value, with a review to come in the future.

The product will be available through Sure-authorised brokers across regional Queensland.

“We know insurers have continued to exit the strata market in the northern regions of Queensland, and [we are] now ready to step in and assist and support struggling body corporates and lot owners,” Mr Heath said.