AIG Discloses Risk of Loss on Grenfell Fire, Can't Project CostBy and
American International Group Inc., the provider of commercial insurance, told regulators it could face claims costs from the Grenfell Tower fire that killed dozens of people in June in London.
“Our net exposure to loss on this event is currently not estimable,” New York-based AIG said Thursday in its 10-Q filing with the U.S. Securities and Exchange Commission. “There may also be other policyholders involved as the matter evolves."
The passage was included in a section about “liability for unpaid losses.” AIG, with operations in more than 80 countries and jurisdictions, takes on risks from natural catastrophes and man-made disasters, such as the 2015 port explosion at Tianjin in China. The company didn’t say when it will have a better idea of the size of Grenfell losses or identify its policyholders.
“The forensic investigation is incomplete,” AIG said. “And the list of potential insureds, and any potential liability, is unclear.”
Claire Talcott, a spokeswoman for AIG, declined to comment.