NIBA Engages With NSW Government on Strata

NIBA Vice-President Nick Cook and NIBA CEO Richard Klipin have been engaging with the NSW Government to ensure that insurance brokers remain well positioned as trusted partners for strata communities.

NIBA thanks the Minister for Better Regulation and Fair Trading, the Hon. Anoulack Chanthivong for discussing issues in the strata sector. With the number of Australians living in strata properties predicted to increase to 50% by 2040, it is vital that Australian consumers have access to affordable advice.

NIBA welcomes the steps the NSW Government has taken to build consumer trust and confidence in the sector, including the recent passing of the Strata Managing Agents Legislation Amendment Bill 2024.

As per the legislation, new strata disclosure obligations for strata managers in NSW came into effect earlier this month.

Insurance brokers provide expert guidance at claim time and arrange insurance to protect residents from a variety of risks in the strata sector. By navigating increasingly complex insurance markets and advocating on behalf of their clients, brokers help enhance transparency and safeguard strata communities. 

NIBA would also like to acknowledge the work of key partners such as the Insurance Council of Australia (ICA) in the strata sector.