Insurance Council of Australia Advocates for Strata Law Reforms to Mitigate Rising Premiums
Insurance Council of Australia Advocates for Strata Law Reforms to Mitigate Rising Premiums
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The Insurance Council of Australia (ICA) has called for significant reforms to Victoria's strata legislation, highlighting that inadequate governance and deferred maintenance are leading to increased insurance premiums for residents.
With approximately one in five Victorians living in strata-titled properties, the impact of these issues is widespread and pressing.
In a submission to the Expert Panel Review of the Owners Corporations Act 2006, the ICA emphasized that building defects cost $1.3 billion annually for residential apartments across Australia. Many strata buildings are facing insurance affordability challenges or becoming uninsurable 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 aging, 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. They also suggest conducting a thorough market impact assessment before banning commissions to avoid unintended premium increases.
These proposed reforms aim to enhance transparency, improve building maintenance, and ultimately reduce insurance costs for strata property owners. By addressing the root causes of rising premiums, the ICA seeks to create a more sustainable and affordable strata living environment for Victorians.
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Subrogation: An insurance carrier may reserve the "right of subrogation" in the event of a loss. This means that the company may choose to take action to recover the amount of a claim paid to a covered insured if the loss was caused by a third party.
