Consolidated Insurance Agencies

Residential strata premiums have risen sharply since the start of the year, in some extreme cases by 25-40%. CIA Head of Strata Arthur Tsoukatos says last year's floods and increasing building materials costs have added to the existing "stress factors" that are effecting the strata line. These stress factors are mainly caused by defects like non-compliant cladding, faulty waterproofing works, and other quality-related issues.

Because of this, Tsoukatos recommends that the owners corporations budget for a 20% increase for the future.

Insurance brokers can also help by working closely with insurers, and with the body corporate manager to get those defects rectified. Contact CIA 1300 466 787 or 1300 4 INSURANCE to find out more.

To see the full article https://www.insurancenews.com.au/the-broker/strata-rates-poised-for-more-double-digit-hikes-after-floods-brokers-say

Global insurance spending is likely to double in the next decade, according to John Neal, Lloyd’s CEO, speaking to the Financial Times. The demand for insurance cover will be fuelled by a greater perception of risks like bank failures, pandemics, and climate change. In another article Neal says to Insurance Business Australia “Awareness of insurance and its value has never been higher”. Your Insurance Broker can help you find the most suitable product that meets your needs. Contact CIA 1300 466 787 or 1300 4 INSURANCE.

To see the full article https://www.reinsurancene.ws/global-insurance-spending-likely-to-double-in-the-next-decade-says-lloyds-neal/

La Niña has been causing havoc across eastern Australia and more recently in Auckland NZ. The combined insurance damage from the 2021 and 2022 storms and flooding was $5.92 billion with more than 296,000 claims lodged.

The Insurance Council of Australia suggests taking these actions to protect your home or business:
1️⃣ Review all building, contents, and landlord insurance policies and checking cover for flood and storm (CIA Insurance can assist you with this).
2️⃣ Check your cover for temporary accommodation for people and your pets.
3️⃣ Review the sum insured for building and contents, checking that the amount matches the current replacement, repair and rebuild costs for your property and contents.
4️⃣ Prepare a room-by-room inventory of the contents of your business.
5️⃣ Take practical steps such as clearing the gutters and downpipes. Ensure your roof, windows and doors are secured and can withstand heavy rainfall.