NSW Implements Transparency Reforms to Streamline Strata Insurance Claims
Enhancing Governance to Minimise Disputes in Strata Communities
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
New South Wales has introduced transparency reforms in the strata sector aimed at improving governance and reducing disputes in insurance claims.
These reforms address issues such as high premiums and opaque fees, fostering a more transparent and efficient strata management environment.
One notable development is the move by major strata manager Netstrata to a commission-free, fee-for-service model for new management agreements from January 1, 2026. This shift responds to rising expectations around transparency and trust within the industry.
Despite these reforms, challenges remain in the strata insurance landscape. Decision-making processes can be fragmented, leading to delays and disputes in claims. Early notification and provisional engagement of adjusters are recommended to stabilise governance and facilitate timely resolutions.
Water ingress continues to be a prevalent issue, often resulting in disputes over maintenance versus insured damage. Maintaining accurate records of maintenance and repairs can help prevent or resolve such disputes, ultimately leading to better insurance outcomes.
Strata communities are encouraged to embrace these transparency reforms and adopt proactive measures to enhance governance and reduce claims friction. By doing so, they can contribute to a more efficient and trustworthy strata sector in New South Wales.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
Victoria is moving ahead with a decennial insurance framework for apartment building defects, adding another important signal that construction quality, documentation and insurability are becoming inseparable issues for builders, developers and project teams. - read more
Australia’s general insurance sector is facing a proposed step-up in accountability, with the Insurance Council of Australia opening consultation on a new draft General Insurance Code of Practice on 24 June 2026. For truck owners, small fleet operators and transport businesses, the most relevant shift is not just the wording of the code, but the possibility that parts of it could become contractually enforceable for the first time, subject to ASIC approval. - read more
New market data points to a meaningful lift in Australians taking out individual income protection insurance, suggesting more households are reassessing how they would manage financially if illness or injury interrupted their pay. - read more
A recent sanction against an unnamed life insurer has put claims handling back under the spotlight, particularly for Australians who rely on personal insurance as a financial safety net. The Life Insurance Code Compliance Committee found that the insurer failed to request required information from claimants at the earliest available opportunity, contributing to significant delays for some customers waiting on claim decisions. - read more
The Insurance Council of Australia has released a draft General Insurance Code of Practice for feedback, marking a significant step in the industry’s push to strengthen customer protections. Released on 24 June 2026, the draft is open for consultation until 21 July 2026 and is designed to make key obligations legally enforceable through insurance contracts. - read more
A new specialist insurance product for Australian crane and rigging operators is a timely reminder that not every business fits neatly into a standard policy box. ARTes Specialty, working with wholesale provider Mobius Insurance, has launched an integrated crane and rigging policy for the local market, adding to its earlier Australian offerings for commercial loggers and contractors’ plant and equipment. - read more
All quotes are provided free and without obligation. We respect your privacy.
Knowledgebase
Term Life Insurance: A form of life insurance that is a pure protection policy with no cash or maturity value which lasts for a specific length of time, called a term.
No comments yet. Be the first to share your thoughts.