Kimberley Jonsson, CEO of CHU, highlighted that this move reflects the sustained trend of strata developments becoming larger in both size and unit volume. By increasing its capacity, CHU aims to provide insurance solutions to a broader range of customers residing in these expansive strata communities.
The increased capacity allows CHU to offer independent quotes for larger risks and to participate more substantially in existing co-insurance arrangements. This development is expected to provide more options for customers seeking coverage for high-value strata properties.
While the Australian strata insurance market has seen new participants in recent years, many have focused on smaller risks. CHU's expansion into the large sum insured space addresses a critical need in the market, offering more choices for customers with substantial assets.
In addition to increasing its underwriting capacity, CHU has introduced an indicative pricing feature on its self-service platform. This tool provides brokers with a non-binding premium estimate before submitting a risk for full underwriting assessment, streamlining the quoting process and enhancing efficiency for brokers and their clients.
These strategic initiatives by CHU demonstrate a commitment to adapting to the changing needs of the strata insurance market, ensuring that both residential and commercial strata communities have access to comprehensive and competitive insurance solutions.
