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Property insurer expects London fire payouts to exceed £25m
[OSLO] This week's fire in a 24-storey block of flats in London is expected to cost property insurers more than £25 million (S$44 million), Norwegian insurer Protector Forsikring told Reuters on Thursday.
The company expects the cost to be covered mainly by its reinsurance program. "Reinsurance is handled by Munich Re, which will pick up almost the entire cost," Protector Chief Executive Sverre Bjerkeli said.
The insurance policy for the building itself amounted to about £20 million, while additional costs, including alternative housing for residents, would make up the rest, he added.
The Norwegian company wrote the insurance policy for the Grenfell Tower building, where authorities have confirmed 12 deaths following Wednesday's fire.
Britain's Jardine Lloyd Thompson said it was the insurance broker for Grenfell Tower.
"We are the brokers in the case and we are working closely with our client to assist in whatever capacity we can," JLT said in a statement emailed to Reuters.