strata Archives - InsuranceAsia News https://insuranceasianews.com/industry_segments/strata/ Fri, 20 Sep 2024 09:02:06 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 New South Wales passes tougher strata law to restore confidence https://insuranceasianews.com/new-south-wales-passes-tougher-strata-law-to-restore-confidence/ Fri, 20 Sep 2024 09:02:06 +0000 https://insuranceasianews.com/?p=163118 The new law bans managing agents from receiving a commission on insurance products when they don’t play a role in finding the best deal for residents, as it seeks to crack down on agents who do not properly declare conflicts of interests.

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The parliament of New South Wales has passed new strata laws that bans managing agents from receiving a commission on insurance products when they don’t play a role in finding the best deal for reside...

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]]> Steadfast refutes ABC’s allegations of kickbacks, misleading customers https://insuranceasianews.com/steadfast-refutes-abcs-allegations-of-kickbacks-misleading-customers/ Tue, 10 Sep 2024 02:15:55 +0000 https://insuranceasianews.com/?p=162433 The Australian broker said that it is "disappointed that important information has been selectively presented” in a recent media report about its practices in strata insurance.

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Australian broking group Steadfast Group has refuted the allegations of kickbacks and misleading customers raised by an investigative report published by the Australian Broadcasting Corporation on Sep...

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]]> ACCC chair calls for strata commission ban as media report alleges Steadfast misled clients via opaque schemes https://insuranceasianews.com/accc-chair-calls-for-strata-commission-ban-as-media-report-alleges-steadfast-misled-clients-via-opaque-schemes-report/ Mon, 09 Sep 2024 05:04:15 +0000 https://insuranceasianews.com/?p=162302 The broker's shares on the ASX entered a trading halt pending it releasing an announcement following the allegations by ABC in its investigative report.

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Australian broker Steadfast Group has been part of opaque schemes that give strata management firms a cut of fees that apartment owners pay, after the Australian broking group was found misleading cli...

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]]> AUB launches third strata MGA Rubix Underwriting as division’s pre-tax profit surges 58% https://insuranceasianews.com/aub-launches-third-strata-mga-rubix-underwriting-as-divisions-pre-tax-profit-surges-58/ Fri, 23 Aug 2024 08:20:50 +0000 https://insuranceasianews.com/?p=161160 The new entity will have Lloyd's as the capacity provider and will allow the broker to grow its strata portfolio which already includes brands SUU and Longitude. 

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Australian broker AUB Group has rolled out its third commercial strata managing general agent (MGA) Rubix Underwriting to strengthen its agency services, according to a broker press release. 
Lloyd’s ...

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]]> Australian cyclone pool kicks off strata premium rate review https://insuranceasianews.com/australian-cyclone-pool-kicks-off-premium-rate-review/ Sun, 23 Jun 2024 21:09:43 +0000 https://insuranceasianews.com/?p=156593 The main change being considered is the introduction of mitigation discounts on wind premium rates for eligible strata policies to improve incentives to reduce and mitigate risk.

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Australian Reinsurance Pool Corporation (ARPC) is reviewing cyclone pool premium rates and is considering minor changes, which would be applicable from April 1, 2025, the corporation said in a press r...

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]]> Australia’s strata insurers get cold feet about lithium battery risks https://insuranceasianews.com/australias-strata-insurers-get-cold-feet-about-lithium-battery-risks/ Tue, 11 Jun 2024 23:30:27 +0000 https://insuranceasianews.com/?p=155753 Lot owners will likely see higher premiums, deductibles and even outright rejection by insurers which are shying away from lithium-ion battery chargers and mobility devices as their use widens across the country.

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Body corporates and real estate owners in Australia are facing increasing challenges in obtaining insurance for properties equipped with lithium-ion battery charging infrastructure for electric vehicl...

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