insurance

Soft market sparks broker pay transparency fears

2025-05-07T17:37:09+10:00

Consumer groups are warning that the current soft insurance market may open the door to remuneration practices that could disadvantage clients unless regulators step in. The Australian Consumers Insurance Lobby Inc (ACIL) has called on oversight bodies – including the Australian Securities and Investments Commission (ASIC), the Australian Competition and Consumer Commission (ACCC), and the Insurance Brokers Code Compliance Committee – to monitor how brokers adjust their pay structures during market [...]

Soft market sparks broker pay transparency fears2025-05-07T17:37:09+10:00

‘Clearly inadequate’: strata owners call for broker code overhaul

2025-04-12T13:47:47+10:00

The Owners Corporation Network of Australia says aspects of the $2 billion strata insurance market raise questions on ethics in the broking industry and the role and performance of the code. Its submission to the industry’s code review notes ABC reporting last year examined issues such as common ownership of underwriting agencies and brokers, and lack of transparency. The network says the code does not articulate what represents a conflict of interest and [...]

‘Clearly inadequate’: strata owners call for broker code overhaul2025-04-12T13:47:47+10:00

NSW Urged to Push Through Strata Commission Ban

2025-04-08T16:15:44+10:00

Strata owner and consumer groups have urged the NSW government to press ahead with the removal of strata manager insurance commissions. The proposed reforms are needed to restore trust and transparency, the Owners Corporation Network and the Australian Consumers Insurance Lobby say. A letter to Better Regulation and Fair Trading Minister Anoulack Chanthivong and NSW Fair Trading commissioner Natasha Mann argues banning the commissions will level the playing field. “Consumers will be able [...]

NSW Urged to Push Through Strata Commission Ban2025-04-08T16:15:44+10:00

Units of controversy

2024-12-13T09:47:50+11:00

Shari Driver, CEO of OCN, recently spoke to Insurance News about insurance commissions. Shari told Insurance News that: “Disclosure is a mere ‘apology after the fact’ approach that seems to put the strata manager’s interests above their client, and if that happens, legally it does not meet the standards required of fiduciaries,” “Insurance is one of the largest expenses borne by owners’ corporations. OCN has been horrified to discover the extent [...]

Units of controversy2024-12-13T09:47:50+11:00

How apartment owners are being ripped off….

2024-09-11T11:56:12+10:00

Here's today's media UPDATE ABC Four Corners:> VIEW THE FULL EPISODE HERE ABC News: How apartment owners are being ripped off> http://ABC News Daily: How Apartment Owners Are Being Ripped Off ACCC Chair calls for a ban on Strata Insurance Commissions:> ABC News today Brokers and advocates call for public strata inquiry:> Call for a public inquiryAnd in the interest of fairness, Steadfast's response:> https://www.insurancebusinessmag.com/au/news/breaking-news/steadfast-on-abc-strata-investigation-we-refute-the-allegations-504852.aspx Plus there's more Top consumer groups say 'it's [...]

How apartment owners are being ripped off….2024-09-11T11:56:12+10:00

Strata law reform on the cards as NSW Fair Trading swamped with complaints

2024-07-09T15:58:30+10:00

NSW Fair Trading received 965 complaints about strata agents in the five years to 2023, most commonly related to rules of conduct and finances. In the past year, there were 273 complaints against strata agents, compared to 16 against strata executive committees and 43 against strata owners corporations.Owners Corporation Network Executive Director Karen Stiles said many owners were in “a world of pain” thanks to limited regulation over the sector.“We certainly [...]

Strata law reform on the cards as NSW Fair Trading swamped with complaints2024-07-09T15:58:30+10:00

Victorian HighLife Expo: listening to the voices of residential strata

2024-08-06T18:17:57+10:00

The recent HighLife Victoria Expo featured a range of activities, including webinars, stalls, and forums – along with a Listening Post. Operated by the Owners’ Corporation Network (OCN) and Strata Community Association (SCA) Victoria, this initiative gathered insights from expo attendees – owners, tenants and committee members – regarding their most pressing issues and desires for change within the residential strata sector. Read article:> https://www.docklandsnews.com.au/highlife-expo-listening-to-the-voices-of-residential-strata/  

Victorian HighLife Expo: listening to the voices of residential strata2024-08-06T18:17:57+10:00

Impact of Climate Risk on Insurance Premiums and Availability

2024-12-02T18:05:31+11:00

OCN made a detailed submission to the Senate Inquiry into the impact of climate risk on insurance availability and affordability, focusing on the undetected concentration of the strata insurance sector. We propose that the climate change narrative has masked an escalation in intermediary fees, commissions and profits. The compulsory aspect of strata insurance means it could be considered a form of state insurance, like motor liability or workers compensation, but states [...]

Impact of Climate Risk on Insurance Premiums and Availability2024-12-02T18:05:31+11:00

General Insurance Code of Conduct

2024-06-25T12:19:00+10:00

OCN joined a coalition of consumer groups calling for improvements to the Code of Conduct. Specific reference to strata insurance is on pages 61-63. Read submission:> Joint OCN & Others Submission - Review of the General Insurance Code of Practice June 2024 Related content:> https://ocn.org.au/ocn-welcomes-abolition-of-emergency-services-levy-on-insurance-policies/

General Insurance Code of Conduct2024-06-25T12:19:00+10:00

Apartment owners being ‘penalised’ for other buildings’ defects

2024-08-06T18:12:49+10:00

Sky News host James Macpherson says the poor quality of strata apartment buildings is “killing owners”. His comments come as a new report from the New South Wales government, which looked at 600 new or near new strata buildings, and found 53 per cent of them had serious or major defects within six years of being built. “Even if they don’t have defects in their building,” he said. “The Owners Corporation [...]

Apartment owners being ‘penalised’ for other buildings’ defects2024-08-06T18:12:49+10:00
Go to Top