Allianz Australia and Strata Community Insurance have renewed a long-term distribution agreement for at least another decade.

The deal – extending a relationship that began in 2014 – runs until 2036 at a minimum, the companies said today.

Allianz chief GM of personal injury and commercial Julie Mitchell says the move reflects the insurer’s commitment to the strata sector.

“As strata living continues to grow across Australia, it’s important that insurance solutions keep pace, and are designed to meet the specific needs of strata communities,” she said.

Strata Community Insurance says it is Australia’s largest privately owned specialist in the sector, providing cover to residential, commercial and mixed-used communities in every state and territory.

“This agreement gives owners’ corporations, strata managers and brokers genuine confidence that the capacity, expertise and service they rely on will continue – and continue to improve – well into the next decade,” the agency’s CEO Shaun Feely said.

The companies say their agreement underpins investment in modernised products, local specialists in underwriting and claims, and technology and data capability, while supporting an advocacy and education focus that builds knowledge and capability.

Brokers have recently highlighted strong competition in the market and a sharp softening in strata rates.

“While market conditions will continue to evolve, our focus remains on providing customers with quality cover, specialist support and long-term certainty,” an Allianz spokesperson told insuranceNEWS.com.au.