Context
Following the FCA’s 2022 review of insurance for multi-occupancy buildings and in response to specific recommendations from the regulator, the ABI and BIBA have worked together to develop a code on collecting core risk data for multi-occupancy buildings over four storeys or 11 metres in height, affected by combustible cladding or other material fire risk issues.
Key points to note
The Code will support the insurance industry in systematically collecting and recording core risk information to drive consistency and transparency for users of this market.
The Code is voluntary and does not intend to be a comprehensive guide on all the relevant information collected for a firm’s own risk assessment and underwriting processes. It is also not intended to give guidance on whether the risk information should be used for risk selection and pricing. Firms are expected to use their own judgement and expertise on taking decisions around the use of this risk information.
Next actions
None – for information and awareness.