AIG may face losses over London Tower fire

AIG may face losses over London Tower fire | Insurance Business

AIG may face losses over London Tower fire

One of the biggest names in the insurance world could face repercussions for the Grenfell Tower fire that killed at least 80 people back in June.

American International Group Inc., has reportedly told regulators that it may face claims costs from the fire.

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“Our net exposure to loss on this event is currently not estimable,” AIG said Thursday in its 10-Q filing with the US Securities and Exchange Commission, as reported by Bloomberg. “There may also be other policyholders involved as the matter evolves.”

The passage appeared in a section relating to “liability for unpaid losses” with AIG taking on a host of risks relating to natural and man-made disasters around the world. There was no indication as to when AIG will have a clear idea of the extent of Grenfell losses.

“The forensic investigation is incomplete,” AIG said. “And the list of potential insureds, and any potential liability, is unclear.”