CHU more than doubles its strata insurance capacity

CHU’s single risk capacity has more than doubled up to $690 million.

CHU, Australia's largest strata insurance underwriting agency, has announced a significant increase in single risk capacity. 

Effective immediately, CHU’s single risk capacity has increased up to $690 million, a substantial improvement on the previous cap of $300 million. 

This capacity expansion applies to CHU strata insurance for both residential and commercial properties. 

“We are seeing a sustained trend in strata developments becoming bigger, both in size and unit volume, so the opportunity to provide insurance to more customers living in strata is an exciting and important prospect,” said CHU Chief Executive Officer Kimberley Jonsson. 

“This development allows for more choice for customers. CHU will now be able to independently offer quotes for larger risks, while also being able to, where needed, place larger shares in existing coinsurance arrangements.”

CHU’s capacity comprises the sum of all property-related covers for any one insurance policy, including Insured Property, Catastrophe cover and Lot Owners’ Fixtures and Improvements. This value represents the maximum sum insured CHU can offer for any one insurable risk.

“While the strata insurance market has seen multiple new participants in recent years, nearly all this new capacity has been capped at the lower end of the market, so this change will be welcomed by the broader market, which is desperately seeking more options in the large sum insured space,” Kimberley said.

“CHU welcomes the opportunity to provide insurance for customers across a wider scale, expanding our product offerings to considerably larger buildings.”

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