Barbon owned FARR has launched a new tool, FOCUS, to stress test risk management procedures for the housing associations to protect them against rising insurance premiums.
FARR business risk analyst Matthew Greenhalgh said insurance premiums are currently at their lowest levels for over a decade. However, some insurers are predicting increases of up to 20% in the near future.
"Housing associations with a history of making claims are likely to see the highest rise in their premiums, so FOCUS has been developed to help clients to reduce both the number and the value of the claims that they make," Greenhalgh said.
The FOCUS stress test includes three separate activities of inspecting risks by engaging with various operational departments, followed by scaling procedures and documents to ensure enhanced practice and finally conduct staff surveys to evaluate the scope of the new procedure.
According to company, the new process would facilitate the housing associations to execute a structured system of inspection of their property, maintain precise record inspection and maintenance works.
The new platform will further facilitate the housing associations to always apply procedures across the association and train staff in the application of procedures.