Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has made an assessment of trends in the level of multi-occupancy residential buildings insurance premiums.

The Financial Conduct Authority (FCA), as the independent regulator of financial services, carried out a review into insurance for multi-occupancy buildings in 2022. The FCA had concerns about how certain elements of the market were working and in 2023 it introduced a number of regulatory changes to enhance consumer protection and improve the functioning of the market. The FCA has robust powers to take action against firms that do not comply with its rules.

The government continues to engage with relevant stakeholders, including the regulators, insurers, leaseholder representatives and trade bodies, to keep the market under review.