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City of London burns down, costing $100 billion

Whilst I was away, no-one seemed to bother reporting that the City of London had burnt down:

Great-fire-London_6_880067a

Maybe that's because it didn't … but it did 343 years ago in 1666.

The Great Fire of London raged from September 2nd to 5th and destroyed most of the City.  According to insurers Royal & Sun Alliance (RSA), the equivalent Fire today would cause around $100 billion (£65 billion) of damage.

Shoot … that's almost a quarter of a subprime crisis or a peanut in a derivatives default pool.

About Chris M Skinner

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here…

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