CHU is pleased to announce that its strata and build to rent portfolios will be entering the ARPC Cyclone Reinsurance Pool in July 2023.
CHU’s residential and commercial strata portfolios, FLEX’s strata portfolio and CHU’s Build to Rent portfolio will all go live at this time. This means for eligible new business and renewals with an effective date of 29 July 2023 will participate in the pool*.
“CHU welcomes measures that assist property owners with affordability and access to suitable insurance products,” CHU CEO Kimberley Jonsson explained, “CHU understands the financial stress individual householders are under with rising inflation and cost of living pressures, and this is a positive step towards alleviating these pressures in some instances.”
The criteria for eligibility under the Pool for strata schemes is:
- Residential strata schemes (including mixed use schemes where 50% or more floorspace is used for residential purposes)
- Commercial strata schemes where the combined building sum insured and common area contents value does not exceed $5M.
“It has been a long journey,” commented Steve Tchepak, Head of Underwriting at CHU, “We knew the deadline for participation would be challenging. The amount of work required in reconfiguring pricing calculations, implications on reinsurance, updates to systems was and continues to be substantial. We are pleased that any pricing benefits from the cyclone pool can now flow on to customers.”
To access more information on what CHU’s participation in the Pool means, please click the following link ARPC FAQ Document or ARPC Short Term Rental Eligibility FAQs.
CHU’s remaining portfolios of Community Association, Lot Owner Homes, Contents and Landlords for strata will join the Pool towards the end of 2023.
*Large insurers including QBE, CHU’s underwriter, have until 31st December 2023 to include eligible policies.
Once again, Brokers across Australia have voted CHU Underwriting Agencies the top award for Strata Cover in the annual broker survey conducted by Insurance Business Magazine.
This will be the fifth time that CHU, has been awarded the gold medal for these awards.
CHU CEO Kimberley Jonsson said:
“This award is particularly special, as it is recognition that comes directly from our key customers. I would like to personally thank all the brokers who voted for us and appreciate their continued support as we grow CHU to meet the rising demand and challenging market conditions.
Kimberley Jonsson, CEO, CHU
I would also like to thank the CHU team who are always customer focused in everything they do, from underwriting all the way through to claims.”
CHU, one of Australia’s largest and most awarded underwriting agencies has been in the strata insurance business for over 40 years. Winning this award is further confirmation of the importance brokers place on specialist knowledge when it comes to working with underwriting agencies.
Click here for the Insurance Business Magazine feature.
For further information and media enquiries contact us.
The soon to be implemented Owners Corporations and Other Acts Amendment Act 2021, requires that all Owners Corporations located in Victoria must hold a minimum of $20 million for Public Liability insurance from 1st December 2021.
CHU welcomes this reform to the Victorian strata laws increasing the requirement of each Owners Corporation to have increased liability cover.
As such, from 1st December, CHU is pleased to advise an automatic increase to the $20 million minimum liability insurance limit for all CHU Victoria strata insurance policies that currently have less than the required $20 million. This will be at no extra cost to the Owners Corporation.
The new limit of $20 million liability cover will apply to all current polices, new business quotations and renewals, with effect from 1st December 2021.
For more information on the new strata legislation and regulations please follow the click the link Owners Corporations and Other Acts Amendment Act 2021.
CHU today announced that Chief Executive Officer Bobby Lehane will step down from his role in March 2021, following nearly six years of leadership.
Lehane advised that, with the business strongly positioned for the future, it was time to pursue his next professional opportunity.
CHU is pleased to confirm that Kimberley Jonsson will succeed Lehane as Chief Executive Officer. Jonsson has been with CHU for 15 years and has held several senior roles across the business, most recently leading the New South Wales and Australian Capital Territory region, which is CHU’s largest portfolio.
Lehane said he was delighted to see an internal successor appointed.
“Kim’s appointment as CEO is a tremendous outcome for CHU. It is one of the leading roles in the Australian insurance industry and I am very pleased to see someone of Kim’s calibre step into the position,” he said.
Steadfast Managing Director and Chief Executive Officer Robert Kelly acknowledged Lehane’s contribution to the business.
“Bobby has overseen a period of significant progress and growth at CHU, and we thank him for his leadership and commitment,” Kelly said. “With a strong and experienced leadership team in place, CHU is well-positioned for continued success. Kim is a highly capable executive with a proven track record, and we are delighted to see her appointed to lead the business.”
Jonsson said she was honoured to be appointed to the role.
“To be given the opportunity to lead CHU is a privilege, particularly having started my career with the business,” she said.
“Under Bobby’s leadership, CHU has evolved into a resilient and high-performing organisation. We are well-positioned to deliver on our strategy through to 2025, and I am confident about the opportunities ahead.”
Reflecting on his tenure, Lehane said he was proud of the progress he achieved as CEO.
“It has been an incredibly rewarding period, and I am proud of what the team has accomplished,” he said. “While the environment continues to evolve, I believe it is important to continue moving forward and making decisions with confidence.
“I leave the business in a strong position and with an outstanding successor in place.”
Lehane will continue in his role until March 2021 to support a smooth transition.
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Australia’s leading strata insurance specialist CHU and its digital underwriting agency Flex Insurance are waiving bushfire claim excesses for residential strata buildings, community associations and community association lot owner homes, contents and landlords for strata.
“This is a vital first step to help customers start to get their lives back on track,”
CHU CEO Bobby Lehane
In addition, CHU and Flex, in partnership with our insurer QBE, are helping customers by:
- Providing additional resources to process claims as quickly as possible.
- Deploying the CHU Assess team in heavily impacted areas to expedite the claims process.
- Organising emergency and temporary accommodation assistance.
For more information click here to download our FAQ document which may help you.
If you or your customers have any queries, please do not hesitate to contact us on our emergency hotline 1300 361 263 or lodge a claim online.
Read about the impacts from the amendments to the Terrorism Insurance Act.
Following a review of our current excess structure for CHU’s Residential Strata Insurance Plan, our minimum excess will be increasing from $300 to $500 for all renewals due on or after 15 October 2018.
This change takes into account:
- recognition of the increasing cost of claims in the market generally
- encouraging Body Corporates / Owners Corporations to play a more active role in risk funding
- keeping our pricing economical.
If you have any questions regarding this change, please contact your local CHU branch.