{"id":1180,"date":"2025-07-03T12:30:41","date_gmt":"2025-07-03T12:30:41","guid":{"rendered":"http:\/\/www.xinetica.com\/?p=1180"},"modified":"2025-07-03T14:32:42","modified_gmt":"2025-07-03T14:32:42","slug":"fire-safety-reinsurance-facility-expands-coverage-limit-to-70m","status":"publish","type":"post","link":"http:\/\/www.xinetica.com\/index.php\/2025\/07\/03\/fire-safety-reinsurance-facility-expands-coverage-limit-to-70m\/","title":{"rendered":"Fire Safety Reinsurance Facility expands coverage limit to \u00a370m"},"content":{"rendered":"

The insurance industry\u2019s Fire Safety Reinsurance Facility, an initiative aimed at providing insurance coverage for multi occupancy buildings with fire safety issues, has increased its coverage limit from \u00a350 million to \u00a370 million, the Association of British Insurers (ABI) has revealed.<\/p>\n

\"\"This expansion, following a successful first year, is set to offer enhanced support to leaseholders in England, Wales and Northern Ireland, as well as owners in Scotland, facing challenges in securing building insurance.<\/p>\n

Launched in April 2024, the Facility has already proven instrumental in the market, enabling insurers to provide courage for over 760 high-risk buildings with a collective insured value of \u00a317.1 billion in its first year.<\/p>\n

This has not only helped leaseholders and owners to access insurance where it was previously difficult to obtain but has also, in some instances, led to reduced premiums.<\/p>\n

The Fire Safety Reinsurance Facility was created by insurance and reinsurance broker McGill and Partners with support from the ABI, and in partnership with the British Insurance Brokers Association.<\/p>\n

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Hannah Gurga, Director General, The ABI, stated: \u201cThe tragic fire at Grenfell Tower exposed critical failures in the building safety regime. As a result, insurers had to reassess their understanding of the risk these buildings posed, and leaseholders have shouldered the financial and emotional burden of living in homes that weren\u2019t as safe as they first thought.<\/p>\n

\u201cBy establishing the Fire Safety Reinsurance Facility, the industry is working to improve capacity in the market for multi-occupancy buildings and, by extension, support leaseholders. Increasing the cover limit to \u00a375 million is a significant step and I hope this will mean that more buildings and leaseholders can be supported while remediation work takes place.\u201d<\/p>\n

Aidan Kerr, Director, Public Sector Solutions, Swiss Re, said: “The Fire Safety Reinsurance Facility continues to play a crucial role in ensuring cover remains available for residents of multi-occupancy buildings, whilst the crucial remediation work takes place. With this expansion of the Facility, even more affected buildings and their residents can have access to the vital protection that insurance provides.<\/p>\n

\u201cSwiss Re is proud to be the lead reinsurer for the Fire Safety Reinsurance Facility; it’s a great example of how the insurance industry can come together to help solve some of the most pressing problems across the UK.\u201d<\/p>\n

Increased capacity is expected to encourage more competition and improve the availability of insurance for high-risk buildings while remediation work takes place.<\/p>\n

While the Facility offers an important tool, it was highlighted that comprehensive remediation of buildings to robust fire safety standards is the long-term solution.<\/p>\n

The intention, according to the ABI, is to eliminate the need for this organisation all together as buildings can find appropriate insurance through the wider market.<\/p>\n

Steve McGill CBE, Chief Executive Officer, McGill and Partners, said: \u201cThe Fire Safety Reinsurance Facility is something we are hugely proud of as a firm. Providing a solution to an issue that was so concerning to leaseholders and challenging for the insurance sector alike, is testimony to the way we do business.<\/p>\n

“The very fact that we have been able to increase the limits is evidence to the success of the Facility itself. This success has enabled us to collaborate with the market to enhance the limits for those insurers who are part of the Facility, allowing greater risk transfer for them and creating further benefits for those involved in the future.\u201d<\/p>\n

The post Fire Safety Reinsurance Facility expands coverage limit to \u00a370m<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The insurance industry\u2019s Fire Safety Reinsurance Facility, an initiative aimed at providing insurance coverage for multi occupancy buildings with fire […]<\/p>\n","protected":false},"author":1,"featured_media":1182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14],"tags":[],"_links":{"self":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts\/1180"}],"collection":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/comments?post=1180"}],"version-history":[{"count":3,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts\/1180\/revisions"}],"predecessor-version":[{"id":1184,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts\/1180\/revisions\/1184"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/media\/1182"}],"wp:attachment":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/media?parent=1180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/categories?post=1180"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/tags?post=1180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}