ICA Advocates for Strata Law Reforms to Mitigate Rising Insurance Costs in Victoria
ICA Advocates for Strata Law Reforms to Mitigate Rising Insurance Costs in Victoria
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The Insurance Council of Australia (ICA) has called for significant reforms to Victoria's strata legislation, highlighting that poor governance and deferred maintenance are leading to increased insurance premiums for the one in five Victorians residing in strata-titled properties.
In a submission to the Expert Panel Review of the Owners Corporations Act 2006, the ICA emphasised that building defects are costing Australians an estimated $1.3 billion annually, with many strata buildings facing challenges in securing affordable insurance due to structural issues and inadequate risk management.
The ICA's recommendations include lowering the unanimous agreement threshold for strata complex sales to enable faster renewal of ageing, uneconomic buildings that pose insurance risks. Additionally, the council advocates for full disclosure of all payments to strata managers that may influence insurance product selection and a thorough market impact assessment before considering a ban on commissions to avoid unintended premium increases.
These proposed reforms aim to enhance transparency, accountability, and risk management within the strata sector, ultimately improving the affordability and availability of insurance for property owners.
Published:Thursday, 5th Mar 2026 Source: Paige Estritori
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Disability Insurance: A type of insurance protection that pays a portion of a person's income lost due to a total or partial disablement arising from either an accident or a sickness.
