Prime x St Giles: Protecting buildings in a changing insurance market

The reality is that today's insurance market is very different to what it was just a few years ago. Rising premiums aren't simply driven by what's happening within your building, they're influenced by global events, changing regulations and the way insurers now assess risk.

That's why, at Prime Property Management, we've built a long standing partnership with specialist insurance broker St Giles, ensuring our clients benefit from expert guidance and the most suitable cover for their developments.

A Partnership Built on Service

Prime and St Giles have worked together for many years now, developing a relationship founded on one shared goal; delivering the best possible service for our clients.

Insurance is far more than arranging a policy once a year. Behind every renewal is a significant amount of work, from reviewing rebuilding values and assessing risk, to arranging insurer-required inspections, managing policy renewals, supporting claims and providing documentation for leaseholders, lenders and directors.

Property management is fast-paced, and insurance can quickly become one of the most complex aspects of managing a building. Having a dedicated broker who understands our portfolio means our Property Managers have direct access to experienced professionals who can provide advice, resolve queries efficiently and help navigate even the most challenging situations.

As an FCA Appointed Representative of St Giles, Prime works within a regulated framework, giving our clients confidence that insurance is handled through established processes designed to provide the right cover for each development.

Behind the scenes, St Giles supports our team with dedicated claims specialists, renewal experts and administrative support, while Prime's Property Managers provide the building knowledge, risk information and day-to-day management needed to keep policies accurate and up to date. Together, this creates a seamless service that benefits our clients throughout the year, not just at renewal time.

Why Insurance Has Changed

Many people understandably assume insurance premiums are influenced solely by claims made at their own building.

In reality, the picture is much bigger.

Over recent years, the insurance industry has experienced significant challenges, including Brexit, the COVID-19 pandemic, global conflicts and an increasing number of severe weather events across the world. Even large-scale catastrophes outside the UK can affect the overall profitability of insurers, which in turn influences premiums here at home.

Quite simply, insurance pricing depends on the overall performance of insurers. When insurers experience sustained losses, premiums across the market inevitably rise.

A Smarter Approach to Insurance

Finding the right insurance policy isn't simply about securing the lowest premium.

Every building has different risks, construction methods, claims histories and compliance requirements. Today's insurers are also taking a much closer look at developments than ever before, often requesting five years of claims history, where previously three years would have been sufficient, helping them build a more complete picture of long-term risk.

Prime and St Giles work collaboratively to review each development individually to recommend cover that offers the right balance between protection, excess levels and value for money.

Protecting Buildings Before Claims Happen

One of the biggest factors influencing insurance isn't just how claims are managed, it's how buildings are maintained.

Good insurance starts long before a claim is ever made. That's why Prime works proactively throughout the year to help developments meet insurer expectations, arranging risk improvement measures, coordinating inspections and ensuring key compliance requirements are kept up to date.

A good example is annual flat roof inspections. These surveys help identify wear and tear, drainage issues or defects before they develop into costly repairs. By carrying out regular inspections, Property Managers and Directors can arrange preventative maintenance, reducing the likelihood of water ingress and protecting both the building and its residents.

From an insurance perspective, these inspections are equally important. If a significant roof leak occurs and there is no evidence that the roof has been routinely inspected and maintained, insurers may question whether the damage could have been prevented. In some cases, this could affect the outcome of a claim or even lead to it being declined. Keeping up to date with routine inspections not only helps preserve the condition of the building but also demonstrates good risk management to insurers.

Ultimately, good property management and good insurance go hand in hand. By taking a proactive approach to maintenance, compliance and risk management, we're helping to protect both our buildings and the people who live in them.

Looking Ahead

While the insurance market has shown signs of stabilising, experts continue to predict further changes in the years ahead.

For us, that means continuing to work proactively with trusted partners like St Giles, carefully reviewing each building's individual needs and helping clients make informed decisions that protect both their properties and their long-term insurance position.

Insurance is no longer just about finding a policy once a year; it's about understanding risk, maintaining buildings well and having the right people supporting you every step of the way.

At Prime, that's exactly what we're committed to delivering.