SFHA research to explore insurance issues facing housing associations
SFHA has teamed up with consultancy firm Gibbs Laidler to investigate issues members are facing getting insurance cover.
SFHA has teamed up with consultancy firm Gibbs Laidler to investigate issues members are facing getting insurance cover.
SFHA has teamed up with consultancy firm Gibbs Laidler to investigate issues members are facing getting insurance cover.
It comes after SFHA has heard from a range of members who are facing significant challenges obtaining a range of business insurances from property cover, through to cyber, and other covers.
Members are frequently reporting rises in property insurance premiums which significantly and materially exceed general inflation and have been known to be over 100% following renewal, with very little choice of provider in the market.
Many have experienced significant premium increases, purely on the basis of sum insured increase and with growth and risk changes, some of our members have seen premiums rise to what they describe as ‘astronomical’, or ‘unsustainable’ levels.
With mergers and acquisitions of insurance providers, along with underwriters withdrawing from the market, procurement is not a clear solution for many of our members as market and pricing are no longer competitive.
A more recent key pressure on the market has been the cost of re insurance in the sector driving premium costs higher. Members are also reporting challenges with being asked to provide more detail and granular data on stock value and risks, a requirement that is only likely to increase.
In order to respond to member concerns about insurance SFHA has teamed up with Gibbs Laidler Consulting, a firm of independent insurance consultants specialising in the social housing sector to carry out research, through interviews with members, between now and November 2024.
The research will identify the current market conditions, and will investigate the challenges for members, and will suggest what is needed from relevant bodies to address the issues raised.
If your organisation has faced any barriers obtaining appropriate insurance cover or are concerned that you may experience difficulties in the future, we want to hear from you to arrange an interview.
Please get in touch with Susie Fitton, Policy Manager on sfitton@sfha.co.uk