The Port Talbot steel plant explosion could cost insurers up to £500m, it is feared.
Earlier this month, Anglo-Dutch steelmaker Corus suffered a major explosion at its South Wales plant. Three people were killed and ten injured.
Insurers are now saying the accident is the largest fire loss in the London Market this year, costing up to £500m.
Business interruption, material damage and general liability claims are expected to be huge.
One liability insurer said: "This brings further pressure on the market to make sure risks are properly funded."
It is understood AXA was the lead insurer. Irontrades, Groupama and Allianz Cornhill are also said to have covered the steelworks.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
