Supporting the growth in housing
Following previous challenges from Shelter on our approach to actively helping social housing providers to insure their tenants property and contents, we are looking at commercial partnerships to provide support to this important sector of the economy.
We now have products available to the social housing market in response to this important section of the economy needing to grow.
Social Housing Home Contents Insurance
We have a new home insurance product, which has provided much needed contents insurance for social housing providers. Since June 2012 we’ve insured 31,400 new tenants.
Capital loans for housing providers
Shrinking bank balance sheets and increasing regulatory pressure on banks’ capital requirements means that insurance companies and pension funds can fill the gap in capital lending for infrastructure.
We are well placed to accelerate our growth through investing in UK infrastructure. This helps stimulate local economies by providing employment in the building industries and encouraging local businesses to expand.
In addition, we have helped contribute to our communities at a national and local level. In 2012, we provided development funding for a sale and leaseback scheme to finance the building of the new National Football Centre at St George’s Park in Burton-on-Trent. We also established a joint venture with Imperial College to build student accommodation with a 45-year lease, in Clapham, South London. We have provided a £121 million commercial loan to the Unite Group, who are also responsible for building new student accommodation.
We are building capacity in this market.