An Opportunity To Re-Invent Insurance
Not All Home Warranties Are The Same...
Prior to 2010, home warranty insurance was provided by as many as five private underwriters. Then on July 1st of that year, the NSW Government became the sole provider of cover under the HBCF through iCare (formerly known as the NSW Self Insurance Corporation -SICorp). On November 3rd, 2016, after six years of persistent lobbying by Australia Building Service Home Warranty (ABS), the NSW Minister for Innovation and Better Regulation, Mr Victor Dominello announced their intention to open the NSW Home Warranty Insurance market up to private providers in mid-2017.
Entry to the NSW home warranty insurance market will be limited to a few providers who can meet the Government’s licensing requirements. In acquiring or partnering with an insurance underwriter, ABS will have the capabilities and capacity to obtain a licence from the NSW Government; they intend to enter the NSW Home Warranty Insurance market and commence operating in the bottom half of 2017.