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| | Insurer Of Grenfell Tower Doubles Reserves
By Lonce LaMon - July 10, 2017
The insurer of the Grenfell Tower that was consumed in a blaze that killed at least 80 people on June 14th 2017 in West London, has raised its estimate for property and liability claims to £50 million. The British government has begun a public inquiry into the blaze, and police say the total death toll may not be known until next year.
On June 16th 2017, Prime Minister Theresa May, who had been criticized for failing to meet Grenfell Tower residents following the tragedy, announced a £5 million fund for victims of the fire. All those made homeless were to receive an initial down payment of £5,500, with each household to be given at least £500 in cash and £5,000 paid into an account. On June 18th the government announced that a new dedicated response team was taking over the management of the ongoing response to the disaster—acknowledging that the initial response by the state, both locally and nationally, was inadequate. On June 21st, the government announced that 68 new flats in the local borough were to be made available to survivors.
A Norway-based insurer, Protector Forsikring, is the insurance provider for the Royal Borough of Kensington and Chelsea, which owned the building. The insurer said in its second-quarter earnings report that it had doubled its initial forecast of £25 million in claims to £50 million.
“Figures are preliminary, uncertain, and will include both property, liability, and other potential related costs,” Protector Forsikring said.
Protector Forsikring had previously said that the cost would largely be covered by reinsurance provided by German firm Munich Re. Protector’s net property and liability claims from the fire are expected to be around £2.5 million.
lonce@adjustercom.com; Lonce LaMon, journalist
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