CHU Introduces Cyber Coverage in Residential Strata Insurance
New Policy Addition Addresses Growing Cyber Threats for Strata Owners
0
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
In response to the escalating cyber threats targeting strata communities, CHU Underwriting Agencies has expanded its residential strata insurance policies to include cyber protection.
This enhancement provides coverage of up to $50,000 for losses resulting from social engineering fraud, a prevalent form of cybercrime where perpetrators impersonate trusted contacts to manipulate payment instructions.
Steve Tchepak, CHU's Head of Underwriting, emphasised the significance of this development, stating that cyber threats are no longer confined to large organisations but are increasingly affecting everyday transactions within strata communities. By integrating this coverage, CHU aims to bolster the resilience of strata owners and committee members against such risks.
This proactive measure reflects CHU's commitment to evolving with the needs of its customers, ensuring that strata owners are better protected in an increasingly digital landscape. The inclusion of cyber protection in residential strata policies underscores the importance of comprehensive coverage that addresses both traditional and emerging risks.
Strata owners and managers are encouraged to review their current insurance policies and consider the benefits of this added protection. As cyber threats continue to evolve, having a policy that includes coverage for social engineering fraud can provide peace of mind and financial security.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
The Australian Competition and Consumer Commission (ACCC) has officially opposed Insurance Australia Group's (IAG) proposed acquisition of RAC Insurance, a move that has significant implications for the insurance landscape in Western Australia. This decision follows a comprehensive six-month investigation into the potential impacts of the merger. - read more
Australia's insurance industry is currently grappling with an unprecedented surge in mental health-related claims, particularly within Total and Permanent Disability (TPD) insurance. This trend has raised significant concerns among consumer advocates and industry stakeholders, prompting calls for expedited claim processing and comprehensive policy reforms. - read more
Swiss Re Life & Health Australia has announced a temporary halt to new business activities in the country, effective October 2025. This decision comes as the company undertakes a comprehensive review of its product portfolio, focusing on enhancing the long-term sustainability of Total Permanent Disability (TPD) insurance. - read more
HESTA, a prominent Australian superannuation fund, has unveiled a significant reduction in insurance fees for its members, averaging 12% across all cover types. This initiative, set to commence on 1 July 2026, aims to provide more accessible and affordable insurance options for its members. - read more
No comments yet. Be the first to share your thoughts.