CHU Enhances Strata Insurance Capacity to Support Larger Developments

The decision to expand capacity reflects the evolving landscape of strata developments, which are becoming increasingly larger in both size and unit volume. CHU's Chief Executive Officer, Kimberley Jonsson, highlighted the importance of this development, stating that it provides more choices for customers and enables CHU to independently offer quotes for larger risks. Additionally, CHU can now participate more substantially in co-insurance arrangements when necessary.

This increased capacity encompasses all property-related sections under a single policy, including insured property, catastrophe cover, and lot owners' fixtures and improvements. By offering higher coverage limits, CHU aims to meet the growing demand for insurance solutions tailored to the complexities of modern, large-scale strata buildings.

In recent years, the strata insurance market has seen new participants, but many have focused on smaller risks. CHU's expansion into the large sum insured space addresses a critical need in the market, providing more options for high-value strata properties seeking comprehensive insurance coverage.

For property owners and strata managers, this development signifies enhanced flexibility and choice in securing insurance for larger developments. CHU's commitment to adapting to market demands ensures that strata communities have access to robust and reliable insurance solutions that align with the scale and complexity of their properties.