12–Apr–2026
Northmarque
In short:
- The strata insurance market in Australia and particularly in Queensland is very limited.
- At the last renewal, only one insurer would consider quoting.
- The current committee has been proactively addressing this.
The Treasurer confirmed the broker approached all available Queensland strata insurers. All except one refused to even quote on the scheme due to its loss history, particularly around water ingress, flooding, and storm-related claims. The high excess is a direct consequence of that history and a lack of demonstrated, proactive risk management in previous years. The committee does not have the option to allow the scheme to be uninsured – the reality was accepting the only cover available, regardless of the premium and excess structure.
The good news is that the current committee has begun working with our insurance broker, body corporate manager and caretaking service contractor to develop a demonstrable and proactive approach to the scheme’s risk management. That work aims to achieve more competitive premiums and excess structures, however, we are starting from a poor baseline and it may take some time to show benefits.