Hutch Underwriting’s new Strata policy addresses increasing cyber risk for Australians

Hutch Underwriting launched a new residential Strata insurance policy today that in addition to the usual property and liability covers, for the first time offers body corporates protection from the wave of cybercrime impacting Australia.

Hutch’s CEO, Robin Johnson, explained, “The Australian Cyber Security Centre estimates cybercrime cost Australia $33bn annually, and stratas are unfortunately in that small and micro-segment that lost the most money to scams last year”.

“We’ve designed our innovative new residential strata policy for the exposures of today, including Cyber cover for loss of funds as a result of cybercrime, and defence costs for liability claims resulting from a cyber breach.”

Eden Winokur, Cyber Partner at leading law firm Hall & Wilcox, commented “We’ve seen the impact of body corporates losing funds to cyber fraud and I support strata insurance products providing cover for cyber. Obtaining cyber insurance is an important risk mitigation strategy in an increasingly risky cyber environment.”

Melodi Emadi, Strata Underwriting Manager for Hutch added that “as well as being the first to market with a cyber offering for residential strata, we’re also proud to be the only strata product that offers brokers the convenience of Sunrise Exchange.”

Hutch’s innovative policy is available to brokers digitally, via the convenience of Sunrise Exchange under product code HUTSTR.