An arbitration panel has sided with Munich Re on a dispute with Norwegian insurer Protector Forsikring over reinsurance contracts for property losses incurred following the 2017 Grenfell Tower fire. Munich Re was the lead reinsurer for Grenfell Tower, and following the fire Protector announced that reinsurance would absorb most of the financial losses. The decision by the Arbitration Panel in London is expected to be confirmed at an appeal hearing next week. The panel determined that Protector’s interpretation of the reinsurance contract was invalid. Protector cannot appeal the decision.
An arbitration panel has sided with Munich Re on a dispute with Norwegian insurer Protector Forsikring over reinsurance contracts for property losses incurred following the 2017 Grenfell Tower fire. Munich Re was the lead reinsurer for Grenfell Tower, and following the fire Protector announced that reinsurance would absorb most of the financial losses. Protector initially estimated industry losses for the tragedy to hit £50m ($62.5m), and to assume responsibility for £2.5m in net claims. The panel determined that Protector’s interpretation of the reinsurance contract was invalid. Protector cannot appeal the decision.