Economic pressures are driving up construction and repair costs, leaving households, businesses, and strata schemes struggling to rebuild after disasters. SCA President Joshua Baldwin emphasized that the ICA's Catastrophe Resilience Report underscores mounting insurance pressures and the growing urgency to protect communities from disaster.
The report highlights that, aside from climate risk, the cost of rebuilding post-disaster is being compounded by inflation, labour shortages, material costs, and housing constraints. In high-risk regions, recurring disasters are eroding resilience and deepening vulnerability.
In response, SCA supports the ICA's call for coordinated long-term reform, advocating for greater investment in resilience infrastructure, stronger and more resilient buildings in safer locations, and the removal of insurance taxes. These measures aim to enhance the resilience of strata communities and mitigate the financial impact of disasters.
By aligning with the ICA's recommendations, SCA underscores the importance of proactive measures and collaborative efforts to strengthen the resilience of strata communities across Australia. This approach not only addresses immediate concerns but also lays the foundation for sustainable, long-term solutions to the challenges faced by strata property owners and managers.
