Protector Forsikring

Legal Proceedings Report • Oct 17, 2018

Change of policy terms regarding Ctenolepisma longicaudata (known as gray silverfish)

Change of policy terms regarding Ctenolepisma longicaudata (known as gray silverfish)

Protector Forsikring ASA issued Monday morning a statement regarding the significant increase of incoming claims within the Change of Ownership insurance related to the presence of gray silverfish in sold properties.

Today's legal practice is based on the assumption that the presence of gray silverfish can lead to a reduced value of the property and claims are filed by the buyer to the seller.

Protector will challenge this practice due to the following: Gray silverfish is not harmful to people, animals or buildings. Gray silverfish spread easily and exist today in so many Norwegian public buildings, schools, kindergartens, office buildings, hotels, private homes etc. that it, in Protector's view, must be regarded as a normal part of the Norwegian environment indoor, in line with other insects.

Protector also experiences that the same property sold with and without information about the presence of gray silverfish, achieves the same selling price.

As a result of the above mentioned factors, Protector is of the opinion that the basis for price reductions related to gray silverfish, no longer exist.

Protector will immediately change the practice for claims handling of new claims in line with this opinion. For precautionary reasons, will it also be excluded from the policy terms.

Additional information will be provided in connection with the presentation of Q3 results Friday, October 26, 2018.

Sverre Bjerkeli

CEO Protector Forsikring ASA