A number of Lloyd’s Syndicates and high-profile reinsurers including Allied World, Amlin, Aspen, Hannover Re, Munich Re and PartnerRe could face claims as a result of the fire that has engulfed a 24-storey block of flats in London today (Wednesday, June 14).
Six people have been confirmed dead so far as a result of the fire, with more than 70 taken to hospital. The number of casualties is expected to rise. The tower has been gutted by the blaze and concerns have been raised that it could collapse.
Norway’s Protector Forsikring has confirmed it is the insurer on the building and said that it expects the cost of the fire to be mainly picked up by its reinsurance programme, meaning the impact on its earnings is expected to be negligible.
It has not revealed the list of reinsurers that may be liable on this specific claim but in an investor presentation in April 2016 it listed the reinsurers it was working with as of March, 2016.
The full list of reinsurers at that stage included: Allied World Assurance Company, Amlin, Assurances Mutuelles de France, Aspen Insurance, Axis Re Europe, Beazley, Caisse Centrale de Reassurance, Catlin Re Switzerland, Chaucer Underwriting, Deutsche Ruckversicherung Schweiz, Hannover Re, Helvetia Swiss Insurance Company, Markel Switzerland, Munich Re, Nacional de Reaseguros, New Re, PartnerRe, Peak Re, Ironshore, Sirius and Swiss Re. In addition to this, it was working with a number of Lloyd’s Syndicates.
“As the insurance provider for Royal Borough of Kensington and Chelsea, Protector Forsikring ASA is involved in the tragic fire in Grenfell Tower,” the company said in a statement.
“Our thoughts go to the people who lived in the building and their families. Protector will work closely with the local authorities and the rescue teams,” it added.
Protector Forsikring is a Norway-based insurance company that provides general, non-marine insurance and reinsurance to commercial and public sector.
No reinsurers had confirmed their involvement at the time of going to press but we will update this story as new information comes to light.
London Tower fire, Grenfell Tower, Insurance, Reinsurance, Claims, Hannover Re, Munich Re, PartnerRe, Allied World, Amlin, Aspen, London, UK