fmb.org.uk
fmb.org.uk
FMB Insurance The past year has been challenging across the insurance market, with falling renewal premiums reducing gross written premium (GWP) across all insurance brokers. FMB Insurance has also been affected, but strong retention, improved competitiveness for new business and a revised fee structure have helped mitigate the impact.
Retention
Building Work Guarantee
The year in stats
• £2m Gross Premium • Over 1,200 Commercial policies • Over 600 projects covered by BWG
Retention has remained above 80% every month since June 2025, which is above the current market average and demonstrates continued customer confidence. We have built strong relationships with clients by maintaining high service standards: • Renewal invitations – issued within 21 days, or 30 days where possible • Telephone calls – answered promptly or returned the same business day • Mid-term adjustments (MTAs) – completed within 24-48 hours • Policy documents – sent within five days, and often on the same day
Over the year, demand for the Building Work Guarantee has increasingly been driven by higher- value projects, particularly where work is linked to council or grant- funded schemes. Inspection activity has also increased, reflecting the higher values involved and the need for additional oversight. At the same time, fewer non- member clients are requesting guarantees, which appears to reflect greater membership awareness of the product and the lower rates available to FMB members. We have also seen a notable increase in TrustMark members requesting guarantees, reinforcing demand from clients undertaking regulated or funded work.
New business growth
New business has delivered the strongest improvement, supported by an insurer arrangement that allows FMB Insurance to offer highly competitive terms where a risk meets the insurer's criteria. This has strengthened our market position over the past 12 months and is reflected in positive customer reviews on both price and service.
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Federation of Master Builders Annual Report 2026
Federation of Master Builders Annual Report 2026
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