Allianz Australia says it is committed to the strata insurance market after extending a major distribution agreement.

Its deal with Strata Community Insurance, formed in 2014, will now run until 2036 at a minimum, according to the two companies.

“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,” Allianz chief GM of personal injury and commercial Julie Mitchell said.

Strata Community Insurance CEO Shaun Feely said: “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 underwriting agency says it is Australia’s largest privately owned specialist in the sector, providing cover to residential, commercial and mixed-used communities.

The two 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.