Industry first complete review of strata insurance -  everything you need to know!

SCA (QLD) has been consistently promoting how crucial the role of a body corporate manager is to the running of a scheme, and this report has confirmed that. It was revealed that strata managers perform 47 critical functions in the insurance supply chain alone. These cover a multitude of areas including negotiation, claims management and quote services. Some of the key statistics that came out of the report include:

In 2020, over 165,000 Australian bodies corporate paid over $830 million in strata insurance premiums. On top of this they paid a whopping $230 million in duties, levies and taxes. This represents nearly 28% of the total cost of insurance. The average strata premium increased from $3305 in 2016 to $5017 last year, representing an overall rise of 12% during the period. Similarly, the total cost of insurance has on average risen from $4320 to $6522 over the same time Storm damage ($438 million), water damage ($362 million) and fire damage ($248 million) were the top three claims costs by loss for the 2016-2020 period This report will be a driving force behind future advocacy work for SCA (QLD), particularly regarding issues faced by our North Queensland members.

It's our favourite time of the year - announcing which strata region has grown the most over the past year. And for the second year in a row the title goes to... the Sunshine Coast which recorded a 2.93% growth in schemes in the past year! Clearly the Sunny Coast is the place to be in Queensland right now - maybe it's time to pack up and move? Followed by Toowoomba which saw a 2.39% growth, Moreton Bay with 1.8%, Gold Coast and Brisbane with 1.29% and 1.17% respectively, and up north in Cairns with a 0.75% increase. Read on for the latest facts and figures published by the Office of the Commissioner for Body Corporate and Community Management:

Have you registered for our Strata Community Education Seminars?

Following on from the success of our recent seminars, Smart Strata is pleased to present a new series of Strata Community Education Seminars commencing in early October, to be presented by foundation partners, Archers the Strata Professionals. Join us for our first seminar on the Gold Coast as we hear from Juliette Nairn from OMB Solicitors discuss committee code of conduct and reasonable decision making. An open forum will follow with Juliette who will be joined by Archers the Strata Professionals CEO, Nicky Lonergan to chat about everything strata and beyond.

 

To secure your FREE ticket all you need to do is register for the session.  Click here to register via Eventbrite.

At Smart Strata our purpose is to provide you with the latest strata news and events, a comprehensive industry supplier portal and the best educational tools on the market to be the most informative resource in the Body Corporate industry.

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