Insurance Premiums’ increase much larger than CPI and Valuations

The residential Strata building I live in is in the Eastern suburbs of Sydney and has more than 50 but less than 100 Residential Lots , and no Business nor Commercial Lots.

It is on high ground where it would never flood if water mains pipes broke or stormwater drains blocked , and it is miles from the seacoast , and not near a main road where traffic accidents can damage the building , and not in a crowded street where there is increased risk of spreading of any fires from adjacent buildings , and being externally all brick and masonry it is fairly fire resistant from outside , and is maintained fire safe inside.

In recent years the rate of increase of our Strata related Insurance Premiums has been substantially larger than both the increased Valuation of the building and contents , and than the CPI rate of Inflation.

We have made very few Claims on Insurance , on average 1 per year , and of very small amounts relative to the various sums insured , yet at the time of last year’s substantial increase in Premium , almost as equally large as the previous year’s increase , the Broker predicted there would be a 20% to 30% increase for the coming year as result of Natural Disasters around the Country.

I know of the various Bushfires and Floods damages and resultant Claims , but the largest and most regular are not in NSW , thus why are Premiums increased at such large rate in a fairly safe location in Sydney , and where we have made no claims for Burglary nor Vandalism { and fortunately no such acts occurred in recent years beyond minor vandalism not worth claiming for } , thus why such large increases ?

It seems there are only 4 major Insurance Companies offering Strata Insurance , { if we have been correctly informed } , at least amongst the long in business companies , and the large increases were there despite a different Broker for 2 of the recent years.

There has been the contentious 20% Commission added in all recent years , { and at least now it is formally declared by our Strata Manager } , and I have allowed for that , but still the rate of Premium increase is very large.

We could try a third Broker , or is there another way to approach this ridiculous degree of increase in Premiums ?

Alternately , allowing for increase in Valuation of building and contents and CPI increase , how much additional percentage increase should one reasonabley expect from a financially secure major Insurance Company ?

If any or all the above has been discussed in other threads , please can someone post a Link to some of those ?