Northern strata market gets a boost

The strata market in northern Australia has been given another dose of health, with an underwriter launching a new nation-wide product.

SLE’s commercial property insurance arm Mobius has launched a new residential property product, promising comprehensive coverage across the nation.

The launch comes just weeks after Brooklyn Underwriting also entered the market.

Mobius Underwriting Australasia CEO Tim Higgins says the product has already garnered a big response in Queensland.

“The plan has received an overwhelming amount of response from new and existing clients and we’re pleased with how well the market has responded to the product,” he says.

“The offering brings additional capacity, coverage and competitive premiums to the Residential Strata market and includes a range of unparalleled features and benefits.

“Some of these features include replacement value for buildings, embedded cover for flood and storm surge, full cover for fusion motors, cover for loss of rent and temporary accommodation, public liability, office bearer’s liability including defense costs, and voluntary workers cover while on site.”

Policies are available for sums between $1 million and $150 million.

The low level of competition in the strata insurance market in northern Australia has been in the spotlight of various levels of government recently, despite a report finding the region’s high prices were caused by risk, not a lack of competition.