A repeat of the Great Fire of London would cost insurers up to £65 billion if the disaster happened today, according to new research.
A study by insurance company RSA to mark the 343rd anniversary of the 1666 blaze said rebuilding an area the size of the original incident would cost at least £45 billion. The UK economy would be hit on a "massive" scale if the Square Mile had to close down because of a fire, said the report, which estimated that the City of London contributes around 2.5% of the UK's entire economic output
"A repeat of the City being wiped out could result in a loss in the first instance of about £3 billion to the nation's economy. Add to that an estimated cost of between £45-65 billion to the insurance industry for rebuilding the City, and then include the loss of the 319,000 City jobs, the economic ramifications of another fire on this scale would be far reaching," said the report.
