Independent review of strata insurance practices released

Industry expert John Trowbridge has today released an independent consultation paper to review current strata insurance practices. The independent review, which has been commissioned by the Steadfast Group, will be undertaken in three phases to evaluate the strata insurance-related elements of strata management, insurance broking and insurance underwriting.

The independent consultation paper is the first phase of the review and outlines the disclosure practices of intermediaries and is aimed at overcoming the limited understanding of current practices.

John Trowbridge said ‘’The market structure for strata insurance is different from that of all other insurances because of the multi-owner nature of strata properties and the participation of strata managers in the chain from insurer to client.”

“This paper is aimed at generating an understanding of current practices, a critique of those processes and proposals for improved future practices’’, added Trowbridge.

The second phase of the independent review will include possible reforms to remuneration and other intermediary practices and the third phase will include competition, affordability and availability of strata insurance.

Closing date for submissions and discussions

If you wish to respond to any of these questions or to any other aspects of the paper, please contact Mr John Trowbridge, john@trowbridge.com.au.

Closing date for submissions and completion of discussions is Wednesday 20 April 2022.

Once submissions have been received and any discussions held, a subsequent report will be prepared with findings and proposals or recommendations for stakeholders.