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Fire Safety Reinsurance Facility
The recently launched Fire Safety Reinsurance Facility is a joint initiative by McGill and Partners and the Association of British Insurers (ABI). It involves five major insurers - Allianz, Aviva, Axa, RSA, and Zurich - and is designed to enhance insurance availability for higher-risk residential buildings, including those facing fire safety issues that have been associated with combustible cladding. The Facility is expected to be operational for three to five years during the remediation period, with a focus on multi-occupancy residential buildings facing fire safety issues. Learn about the process of entering a building into the Facility, the role of brokers, and how premiums are calculated. The initiative also addresses Insurance Premium Tax considerations and emphasises its time-limited nature.