Fire Safety Reinsurance Facility Finalised
- On May 1, 2024 /
- By PMAS /
- In PMAS Update
- 0
As of 1st April 2024, reinsurance support has been in place to launch the Fire Safety Reinsurance Facility in an industry intervention aiming to improve the availability of insurance for certain buildings with combustible cladding and other fire safety concerns. Established by McGill and Partners with support from the Association of British Insurers (ABI) and in partnership with the British Insurance Brokers Association (BIBA), the Facility has two key intentions: to expand the capacity for insurers who are already writing business for affected buildings and to encourage competition within the market to ensure more firms will provide insurance cover. Their solution and primary goal for the Facility is to make buildings safe, resilient, and fire resistant. It is expected that the Facility will run for three to five years while this goal is achieved.
We understand that fire safety and fire resistant cladding is an important concern amongst our members so we encourage anyone with an interest in this topic to read the ABI’s full article on this matter which, although centred on leaseholders remains very relevant, by clicking here.
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