Following the myriad new offerings coming to market in the early part of the decade, the story of this last year has been one of stability and getting on with business.

We have one new entrant to the Commercial space focusing on some of the more unique risks.

Around 41% of policies received an update over the past year however the vast majority of these have been minor in nature, refining certain clauses and improving readability.

Incumbent insurers appear comfortable with their portfolios with no offerings having left the market in recent years. With high product availability and stability with insurers, a healthy market currently exists for consumers.

Methodology

Our Rating methodology has remained the same since inception and considered the following:

Who is the insurer?
Is the policy an Insured Events policy or a Broadform Accidental Loss/Damage policy?
Is the product freely available to purchase?
How comprehensive is the wording?

Full detail of our methodology can be found here.

What Ratings Changed?

All ratings have remained the same as last year with the only notable changes being Flex Insurance now using Lloyd’s for their sub $25M policies and the addition of Rubix Underwriting to the Commercial offerings.

A Year of Transparency

2024 saw a lot of media attention on the flow of insurance commissions and the transparency of this to consumers.

Concerns of this kind have been around for quite some time; decades even, however recent media broadcasts have brought it to the attention of many strata owners.

It appears this attention has been the cause of a number of state/territory government reviews, insurer/underwriting agency reviews, and reviews by industry bodies both in the strata management and broking spaces.

Whether change occurs through law or self-regulation (or not at all), it is more important than ever that Committee Members take the time and effort to deeply understand the agreements they have in place with their service providers. This understanding will allow decisions to be made that look after the best interests of the scheme and its owners.

So, there you have it – the StrataRatings awards for 2025!

Come and check out which Rating your policy achieved here.