Modification of Insurance and Related Services 2019 - 2024 to June 25

Description

Lot 1: Key Housing Association (KHA) intends to extend the existing Insurance Provision contract due to end 1 June 24 to the 1 June 25 with Zurich Ltd who are the current insurance service Provider. This informed decision based on; the ongoing insurance marketplace uncertainty reflective of the post-Brexit economic environment, the far-reaching impact of the war in Ukraine, recent challenges faced by RSL’s relating to all services, and the current cost-of-living pressures; while concurrently seeking to ensure effective continuity of our insurance services to meet our statutory regulatory requirements. The insurance market for social housing providers has always been quite restricted, however in the field of property and liability this has hardened severely and quickly since the start of 2023. This has been accelerated by the departure of two main insurance providers to the Sector over the last 6 months, meaning the already limited capacity is much reduced. This has resulted in unsustainable market conditions, and we have seen insurers react this year applying significant rate increases on Renewals during the first quarter of 2024. KHA intend to go out to the marketplace for a new contract for Insurance Provision and this procurement process will commence 2024 Q3 with a target effective date contract date of 1 June 2025.