ICA proposes 17 steps to improve strata insurance outcomes

Key proposals include stricter education requirements for strata managers.

The Insurance Council of Australia (ICA) has released a policy paper proposing 17 recommendations aimed at improving outcomes for consumers in strata complexes. 

The report, “Improving Consumer Outcomes for Strata Communities”, recommends measures to enhance insurance affordability, strengthen building risk mitigation, and improve fee transparency. 

Key proposals include stricter education requirements for strata managers, better fee disclosure, and improved land-use planning to ensure properties are built in safer areas.

The report also calls for updates to the national building code to prioritise resilience, enhanced compliance in design and construction, and enforcement of maintenance protocols by owners’ corporations.

New laws are also set to impact the sector. From July 2025, brokers and strata managers will require client consent to receive commissions under the Corporations Act 2001. 

In New South Wales, expanded disclosure requirements for strata managers regarding commission fees will take effect in February 2025.