Code released to ease crisis in affordable premiums for tower block residents

The British Insurance Brokers’ Association and the Association of British Insurers have released a code for capturing risk information, one of the first steps in solving the crisis in affordable premiums for residents in tower blocks, Insurance Age can reveal.

In September last year, the Financial Conduct Authority called for the insurance industry to work together to create a code to improve data collection and quality around multi-occupancy buildings.

Multi-occupancy buildings are at the centre of regulatory and political attention after the Grenfell Tower disaster in London, in which 72 people died, triggered high and unaffordable insurance premiums for people living in tower blocks.

The trade bodies believe that by using the code, insurance