June 15, 2017
Norwegian carrier Protector Forsikring is the insurer for the block of flats in west London that was engulfed by a tragic fire in the early hours of Wednesday morning (14 June), according to reports.
The 24-storey building in North Kensington, named Grenfell Tower, reportedly contains around 120 flats, with between 400 and 600 people said to live there.
As of this morning, the devastating blaze is believed to have resulted in at least twelve fatalities and more than 70 people being placed in hospital, with the tower block now left severely damaged.
The cause of the fire is not yet known.
"As the insurance provider for Royal Borough of Kensington and Chelsea, Protector Forsikring ASA is involved in the tragic fire in Grenfell Tower," the insurer told Reuters 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," the company added.
Protector highlighted that the cost of the fire will chiefly be picked up by reinsurance programme, with its own account share normally limited to 20mn kroner ($2.4mn) per event.
The firm added that the impact on its earnings is expected to be negligible.
In its April 2016 investor presentation, Protector said that all its reinsurance treaties are placed by reinsurance broker Willis Re.
Meanwhile, it has been reported that Munich Re is the lead reinsurer for Protector Forsikring, with Intelligent Insurer stating that the Norwegian insurer has confirmed that all its property claims in UK and in the Nordic market are covered by the German reinsurer.
Although the size of Munich Re's participation on the reinsurance programme is unknown, it is believed to be sizeable.
Grenfell Tower was built in 1974 by Kensington and Chelsea Borough Council and is managed by the Kensington and Chelsea Tenant Management Organisation (KCTMO) on behalf of the council.