One of London's most famous department stores, Selfridges in Oxford Street, has been hit by a fivefold increase in its insurance premium since 11 September.

Selfridges' finance director, Peter Williams, said the store's insurance premium, which was renewed last month, had soared to £1.9m from £400,000 last year. He said he hoped the premium, which covers property damage and business interruption, would fall again "depending on world events".