MUNICH RE FACES £31M BILL FOR SELBY RAIL CRASH

Munich Re will face an estimated bill of £31m arising from the recent rail crash in Selby, UK, in which ten people died after a Land Rover collided with a train. Dutch‑Belgian group Fortis insured Gary Hart, the driver of the Land Rover whose accident led to the disaster, but Fortis’s reinsurance cover meant that it had to pay only the first £1.5m of the claim. Munich Re has said that several investigations have now been completed, confirming its original estimate of £50m in total costs. The German reinsurer has passed on some its liability to another reinsurer, which will pick up the remaining £19m bill. It declined to name the secondary reinsurer.