Leading strata underwriting agency CHU has published its latest state of the market report, to help strata managers and brokers navigate the rapidly evolving sector.
 
The report looks at challenges such as “dramatic inflation” in construction, covid-affected supply chains, increasing natural disasters, and underinsurance – although CHU analysis shows that affordability is less of an issue in strata than it appears to be in home insurance.
  
The report warns about emerging risks such as fires from lithium-ion batteries, arson attacks on tobacconists, and the prevalence of building defects, which it describes as “a significant challenge”.
     
CEO Kimberley Jonsson acknowledges “heightened media attention” on strata in recent months, with transparency and remuneration disclosure under the spotlight.
 
“This interest in strata and strata insurance should be viewed as an opportunity to engage with owners about their buildings and insurance policies and an opportunity to educate them about the role we play in the community,” she writes.
 
The full report can be accessed here.