The Association of British Insurers has said that 680 buildings, with a total sum insured of £14.9bn, have been entered into its Fire Safety Reinsurance Facility, which was launched on 1 April 2024. The facility was launched as an industry intervention to improve capacity in the multi-occupancy buildings insurance market. It has a particular focus on high-risk buildings with combustible cladding and fire safety issues.

Hannah Gurga (pictured), director general of the ABI, said: “The financial and emotional strain that leaseholders have experienced while living in buildings with high fire-risks is something that our industry is very aware of and remains determined to do what it can to address.

“The launch of the Fire Safety Reinsurance Facility last year was the culmination of extensive efforts by McGill and Partners and the wider insurance industry to support those affected, and I’m encouraged to see the progress it has made within its first year.

“The Facility is intended to run for the next two to four years while remediation work takes place, and we hope to see more buildings and leaseholders supported through the Facility during this time. We will continue to discuss options with Government on how it could support leaseholders further and welcome their interest in this. It remains the case that remediation to a standard that protects people’s lives as well as their homes is the only long-term solution.”