Update on the Grenfell Tower fire
14th June 2018 - One year after
Our DNA
Vision
The Challenger
Business Idea
This will happen through unique relationships, best in class decision-making and cost effective solutions
Main targets
Cost and quality leadership Profitable growth
Top 3
Values
Credible
Open
Bold
Committed
Grenfell Tower – a human tragedy
As the insurance provider for Royal Borough of Kensington and Chelsea, Protector Forsikring ASA is involved in the tragic fire in Grenfell Tower which occurred 14th of June, 2017.
Our thoughts go out to the people who lived in the building, their families and everyone directly or indirectly involved with this terrible event.
The main purpose for Protector is;
To ensure correct settlements to injured parties and minimize the share of payments to legal advisors To learn and prevent similar events from happening again
Summary from Protector's perspective
We are in the periphery of this tragic event…
…but how do we follow-up on our main purpose?
Ensure correct settlements to injured parties
- Compensating primary and secondary victims without prejudice
- Loss of contents
- Probate costs
- Funerals
- Rehabilitation program
Minimize the share of payments to legal advisors
- Compensating primary victims without costly legal processes
- Trying to establish fair standardized compensations without demands for extensive documentation
- Choose paths that encourage dialogue rather than litigation
- Inviting potential liable parties to dialogue to reduce need for litigation and costly processes
Learn and prevent similar events from happening again
- Inspected all tower blocks in our portfolio
- Updated UW and evaluation factors
- Developed guidance documentation and new IT solution for clients
- Risk Management Seminar in 2018
- Post GFT Risk Management report, 40 pages, autumn 2018
- Several presentations held in the Nordics and UK
Reinsurance
- Claims handling involvement and support
- Align reinsurance with Risk Management, UW and renewal season
- UK Casualty Reinsurance contract renewal completed, most of the panel still on-board
- Arbitration with Property Reinsurer coming up late October
World leading reinsurance partners
All media answered All parties informed Always
The four Grenfell Tower projects
Media/Communication
- Reactive and open
- On the spot and credible
- No media advisor
- All requests handled internally
- Brokers, Reinsurance companies and «insurance society» updated
Claims Handling update Total insurance reserves still unchanged at £75m
Property
- The site is yet not released, police investigating still ongoing
- Tower not likely to be reinstated, memorial park in the future
- The estate will be transferred to a legal entity consisting of the bereaved, the survivors and residents in the community
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Protector aim to finalise the process of indemnifying RBKC within 2018
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Unprecedented claim, call for unprecedented actions
- Liability is yet not established. However, we are making payments without prejudice
- Paid out loss of contents to the GFT survivors
- Established a rehabilitation program for GFT survivors, 85 referrals so far
- Solicitors have combined close to 600 clients expected to make a claim, majority not from GFT, but walkways
Liability Recovery
- Potential liable entities ("PDs") mapped
- Protector will invite "PDs" to a meeting during autumn, inform and establish further process
- Public Inquiry ongoing, expert reports will provide evidence for subrogation
- Protector expects many recovery possibilities
- RBKC will probably have a lot of uninsured losses
Risk Management and underwriting Post Grenfell
Extensive mapping completed, prioritized actions implemented
Immediately after Grenfell Tower
- Street view entire tower block exposure
- All tower block's allocated into risk bands low - high
- First hand inspection and verification of assumed high risk locations
- Start process of updating UW and inspections routine
Following Grenfell Tower
- First hand inspection and verification medium low risk tower block's on risk
- Updated underwriting process and evaluation factors
- Questions and questionnaires updated
- Tower block benchmark model up and running
- Updated inspection routine in relation to cladding and tower block's
- RM report on Protector tower block's completed
We have tagged and classified more than 400 towerblocks
in our
portfolio and more than 600 from our database –
which is growing
rapidly |
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| Guidance documentation |
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| in development |
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Time-lapse of the fire spreading across GFT
Simple but effective methods of tracking progress when inspecting implemented
Risk Management report
40 pages long - to be published after the summer of 2018
The aim is to contribute in reducing the risk of similar events to happen again, by implementing our own actions and sharing with relevant parties.
In addition to providing a chain of events the RM report also contains the following information
- Protectors response
- The governments response
- The councils response
- A broader view on RM initiatives
- Internal routines and lessons learnt
- Future work
- First hand inspections Nordics & the UK
Other construction types like large panel system buildings is also an area of concern and is covered
Government response, testing and preliminary
results
Housekeeping has also been identified as an important area not to be forgotten. Here illustrated by a waste shoot after a fire
There are various types of cladding, here we can see a building clad with combustible insulation, with concrete render over
Grenfell Tower – a human tragedy
As the insurance provider for Royal Borough of Kensington and Chelsea, Protector Forsikring ASA is involved in the tragic fire in Grenfell Tower which occurred 14th of June, 2017.
Our thoughts go out to the people who lived in the building, their families and everyone directly or indirectly involved with this terrible event.
The main purpose for Protector is;
To ensure correct settlements to injured parties and minimize the share of payments to legal advisors To learn and prevent similar events from happening again