Gov't Asks Regulator To Probe Insurance Costs After Grenfell
By Martin Croucher (January 28, 2022, 1:21 PM GMT) -- The government has called on the financial regulator to investigate crippling insurance costs for residents of high-rise residential blocks, in the wake of the fire at Grenfell Tower in London that claimed 72 lives.
Michael Gove, secretary of state for housing, communities and local government, asked the Financial Conduct Authority on Friday to investigate why insurance costs continue to rise "dramatically" despite progress in making such buildings safer.
Insurers have hiked premiums significantly since the 2017 disaster, when fire tore through Grenfell Tower, a 24-storey block of flats in west London. The fire was linked to flammable cladding on the side of...
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