Sure Insurance's Enhanced Strata Coverage: A Boon for Queensland

Bradley Heath, Managing Director of Sure Insurance, highlighted the affordability crisis faced by body corporates and lot owners in these regions. He noted that the crisis has been exacerbated by some insurance providers exiting the residential strata market, effectively reducing competition and placing upward pressure on premium prices. Many body corporates were faced with the prospect of not being able to adequately insure their complexes or were forced to source residential strata insurance cover from offshore providers.

By increasing cover from $5 million to $20 million, Sure Insurance aims to offer more competitive premium options. This expansion is expected to benefit more than 500 strata complexes in the $5-$20 million range, based on rough estimates.

Heath also mentioned that Sure Insurance plans to reward well-managed body corporates that have taken steps to enhance the resilience of their complexes with reduced premiums. The residential strata insurance from Sure Insurance will be available through its network of authorised brokers throughout Regional Queensland.

Sure Insurance was acquired by Steadfast Group in November 2023, when the insurance broking network purchased a 70% stake in the firm for $148.8 million. Steadfast CEO Robert Kelly commented that Sure represents a real opportunity for the group, noting its unique value proposition not just in North Queensland but potentially Australia-wide over time.