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- Great Fire would cost London billions
Great Fire would cost London billions
- By ILS corp
- Published 09/29/2009
- ILSTV Stories
- Unrated
It was just over 343 years ago that the City of London burned. The Great Fire raged for four days and nights and destroyed 87 churches, six chapels, the Royal Exchange, St. Paul’s Cathedral and left 100,000 people homeless – then one-sixth of the city’s residents.
To commemorate the anniversary of the Great Fire, insurer RSA looked at what an equivalent fire today would mean for the city.
The City of London contributes about 2.5 percent of the UK’s GDP, with the entire London area accounting for about 5 percent. A repeat of the City being wiped out, as happened 343 years ago could result in around a £3 billion – or about $4.75 billion in lost GDP alone. 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.
To commemorate the anniversary of the Great Fire, insurer RSA looked at what an equivalent fire today would mean for the city.
The City of London contributes about 2.5 percent of the UK’s GDP, with the entire London area accounting for about 5 percent. A repeat of the City being wiped out, as happened 343 years ago could result in around a £3 billion – or about $4.75 billion in lost GDP alone. 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.