SCA calls for Australian governments to address underinsurance

SCA calls for Australian governments to address underinsurance | Insurance Business Australia

SCA calls for Australian governments to address underinsurance

With the federal election coming up, the Strata Community Association (SCA) is calling for future Australian governments to focus on insurance affordability and availability, sustainability in the strata property industry, and a better-quality environment.

According to the SCA, the size of the strata industry and its impact on Australians’ lives continues to grow as five million Australians – or 20% of the population – live in strata, with the total value of strata dwellings already hitting $1.3 trillion and the industry contribution to the economy totalling $6.7 billion annually.

The SCA’s 2022 federal election campaign prioritises three key areas of reform for the strata property industry, aiming to provide a better-quality-built environment and improve the lives of millions of property owners and residents in strata complexes, such as apartments and townhouses.

Read more: SCA calls on government to pass reinsurance bill before the Federal election

SCA national president Chris Duggan said each major party’s goals will end in vain without strata investment and innovation.

“The strata sector is a sleeping giant, which has the potential, if unlocked, to deliver massive change for the critical areas the government is targeting like net zero, cost of living pressures, and housing affordability,” Duggan said.

He further explained that the SCA wants to see all Australian governments act in the best interests of consumers, for example, reducing unnecessary fees, duties, and levies, and directing funding into efforts such as mitigation and waterproofing to drive down insurance premiums and increase protection in the future.

“It is our hope that all of the parties contesting this election recognise the value in these non-partisan priorities and sign up to harness the multiplier effect of strata into the future,” Duggan said.

The SCA’s 2022 campaign aligns with the Insurance Council of Australia’s (ICA) policy platform for the 2022 federal election, which calls for all Australian governments to double federal funding and outlining measures to make at-risk homes and communities more resilient to extreme weather.