Question to the Department for Levelling Up, Housing & Communities:

To ask the Secretary of State for Levelling Up, Housing and Communities, what steps his Department is taking to work with the insurance sector to prevent rising costs for leaseholders affected by remedial fire safety works.

The Government is working with the insurance industry to address the challenges experienced by leaseholders facing increasing building insurance costs. On the 28 January, the Secretary of State for Levelling Up, Housing and Communities called on the Financial Conduct Authority and the Competition and Market Authority to review buildings insurance premiums for people living in medium and high-rise blocks of flats. The FCA has met with Chief Executives of key insurers and insurance brokers to explain their expectations for engagement in the review and affirm their regulatory expectations. The FCA is currently collecting data on market conditions to inform their review

In Minister Gove’s statement to parliament on 10th January, he noted Lord Greenhalgh's intention to work with insurers on new industry-led approaches that bring down the premiums facing leaseholders. On 4 January, Lord Greenhalgh wrote to the Association of British Insurers, encouraging them to investigate the possibility of an industry-led risk pool with their members. My officials are actively working with the Association of British Insurers to develop policy solutions, and Lord Greenhalgh met with the Association of British Insurers on 1 March to discuss progress.