Context
The FCA has published its report on multi-occupancy building insurance
Key points to note
The ABI Director of General Insurance Policy, James Dalton has commented: “We remain acutely aware of the challenges leaseholders affected by the cladding and fire safety crisis are facing. We support the FCA’s recommendations on a risk sharing scheme and have been actively discussing various options with industry and Government. Our work in this area will continue at pace.
“The FCA’s detailed analysis provides important insight on the state of the insurance market for high-rise residential buildings with a clear recognition that there is no evidence to suggest insurers are making excessive profits. We recognise the issues the FCA raises regarding the availability of information on these buildings and will work with our members, regulators and relevant industries to achieve greater consistency in recording data. We are also committed to improving transparency for leaseholders and will work with the FCA to implement a framework that enables this. Supporting leaseholders to reduce insurance costs is a priority for us. In the longer term, we continue to urge the Government to progress swifter remediation of buildings to a standard that protects both lives and property as this provides the ultimate solution to high insurance costs.”
Next actions
None – for information and awareness.