QBE has introduced changes to its Commercial Landlords Industrial Special Risk (ISR) policy, adding a range of elective covers intended for property owners in the low-to-medium hazard category.
The enhancements include:
These can be combined with the existing ISR protections for buildings, fixed assets, loss of rent, accidental glass breakage, burglary, and flood.
The updated product is positioned for landlords managing properties worth between $15 million and $50 million, particularly those with established maintenance and risk controls.
As part of the changes, QBE has deployed generative AI tools across its property lines to support underwriters by screening broker submissions, extracting relevant details, and delivering preliminary risk assessments.
The company said the aim is to cut down the time from submission to quote and allow more efficient handling of complex ISR cases.
“The GenAI Assistant helps us make faster, more accurate decisions on risk acceptance, pricing, and conditions,” said Bob Algie, head of property and marine at QBE AUSPAC. “It’s especially valuable in the ISR space, where complexity and data volume can slow down response times. With GenAI, we’re reviewing more submissions and helping brokers secure cover faster than ever.”
From Oct. 1, QBE will no longer provide householders insurance directly to brokers.
Instead, cover will be arranged through two underwriting agencies:
QBE will take full underwriting responsibility for Castle Insurance’s business and hold a 20% stake in Sure Insurance’s portfolio for its designated regions.
All new broker-placed householders policies will be underwritten according to the criteria set by the relevant agency.
The insurer said the shift will allow it to maintain capacity while drawing on the operational focus of agencies with a dedicated market scope.
The move does not affect householders products offered via direct channels, other agencies, or Elders Insurance.
The Farm Home product will remain available to brokers and Elders Insurance customers.
In April 2025, QBE surveyed 500 landlords and found that 16% either inspected their properties only once a year, did not carry out inspections, or did not know their inspection frequency. Most reported inspecting quarterly (38%) or twice a year (46%).
The insurer noted that irregular inspections can result in unaddressed safety and maintenance issues such as damaged fittings, electrical faults, structural defects, or mould. Such issues can contribute to claims or tenant dissatisfaction.
The most frequent problems identified during inspections included accidental damage, water ingress, malicious damage, and damage caused by pets.
In some cases, illegal activities were uncovered.
Claims data from 2024 showed that storm and water damage accounted for the largest share of landlord-related losses.
The company advised that maintaining inspection records can support claims by demonstrating reasonable property oversight.
The survey also indicated that 38% of landlords could manage for only six weeks without rent, while just over half (56%) held insurance specifically for landlords.
Thirty-four percent had experienced tenant arrears, and 30% had sustained tenant-related property damage.
Seventeen percent of these incidents were uninsured, often due to policies not including rent default cover or other relevant features.
