CHU Underwriting Agencies has added cyber cover to its residential strata insurance policy, providing protection for bodies corporate against losses arising from social engineering fraud.
Under the change, cyber cover will be automatically included in eligible residential strata policies, with a limit of up to $50,000 for a single loss during the policy period arising from social engineering fraud. The cover applies where a third party impersonates a trusted contact to alter payment instructions, including by intercepting levy notices or supplier invoices and redirecting funds. The exposure has become a recurring issue for strata committees and lot owners involved in payment and fund management for their schemes. “This is about recognising how risk is evolving for strata communities. Cyber threats are no longer abstract or confined to large organisations. They occur in everyday transactions, such as invoices, levy notices, and supplier communications. By including Cyber cover as a standard feature, we are helping bodies corporate navigate this risk with greater confidence,” said head of underwriting Steve Tchepak.
The policy responds to financial loss caused by social engineering fraud in connection with the body corporate’s usual activities. Reflecting the way strata schemes are governed, the cover extends beyond the body corporate itself to office bearers, committee members, and lot owners who are engaged in the administration of the property. “This enhancement reflects CHU’s ongoing commitment to strengthening strata communities. By anticipating emerging risks and embedding practical protections into our policies, we continue to support brokers, strata managers, and owners with solutions that evolve alongside the environment they operate in,” Tchepak said.
The launch comes as the cyber insurance segment continues to expand globally. Gallagher’s 2026 Cyber Insurance Market Outlook projects that worldwide cyber insurance premiums could reach between US$30 billion and US$50 billion by 2030, up from an estimated US$16 billion to US$20 billion in 2025. North America currently accounts for about 60% to 70% of global cyber premiums.
The Asia-Pacific region, including Australia, is expected to record the fastest growth rate, supported by increased digitalisation and broader take-up of cyber cover among corporate and middle-market buyers. According to Gallagher, cyber pricing has stabilised after several years of adjustment, with most insureds seeing flat renewals. The healthcare sector remains an outlier, with single-digit rate increases linked to elevated claims activity.
