Announcement - CHU joins the ARPC Cyclone Pool
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.
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.