Whilst I understand there are some complexes in north Qld without insurance, as of today. It seems that there is one complex which is legally under insured against legislation because they couldn't find insurance for 100% of the valuation amount only 70%.

The Commissioner for Body Corporate and Community Management, Chris Irons, stated:
 
“In fact, it’s the first application for alternative insurance that I’ve approved – and one of the very few I’ve received – since being appointed Commissioner.”

Unfortunately he also states:
 
“It is unlikely to be the case that an insurance premium which is very expensive and which has dramatically increased in a short period of time could be argued as being a situation where a body corporate could not comply with its insurance obligations – clearly, it can, if cover is being offered.”
 
Have we got market failure yet?