Independent strata analyst StrataRatings says the strata insurance market can expect to see more competition after the recent addition of new offerings that are backed by Lloyd’s.

In the residential space two of the three new products are by newcomers, Hutch Underwriting and isStrata, and in the commercial space two new products were launched.

“The additional products available will assist strata schemes greatly and will drive competition in both offering and price,” StrataRatings said. “Schemes may now have more options at renewal time.”

StrataRatings says the return of Lloyd’s – which had all but left the sector by the end of 2021 – “may be a guns blazing event or a cautiously slow re-entry to the market”.

The strata analyst also released its annual rating of commercial and residential strata products available in the Australian market.

CHU Strata Insurance, Strata Community Insurance and Strata Unit Underwriters topped the commercial category, receiving platinum status.

Chubb Insurance and Longitude were graded gold while Axis Underwriting, isStrata and QUS Strata Insurance were rated silver.

In the residential category CHU Strata Insurance, Strata Community Insurance and Strata Unit Underwriters also took out platinum honours.

Gold status went to Flex Insurance, Axis Underwriting, Chubb Insurance, Longitude Insurance and Millennium Insurance.

Silver was awarded to Hutch Underwriting, isStrata, QUS Strata Insurance, WFI Insurance, GIO Insurance, CGU Insurance and Sure Insurance; and bronze went to AAMI, RACT and Suncorp.

Factors including the insurer, policy wordings and scope of coverage are considered before StrataRatings decides on a grading.