My understanding of the current situation for strata insurance is that it’s take it or leave it, by the insurers.
Our committee just had our insurance broker seek quotes and all insurers declined except the insurer we were already with. The premium is a 25% increase on the previous year, which in turn was a substantial increase on the year before. For much of the last decade, the premiums were about half what they are now and the increase would have been even more if we had not accepted an increase in the excess from a few hundreds of dollars per claim to $2500 for most things and $5000 for some particular events.
Influencing this was some large claims over the past couple of years but the broker said these large increases are not just reflecting our situation or even strata insurance in general or Australian insurance in general but is part of an international trend. Frankly, I think we are starting to see climate change risks reflected in our premiums.