Skip to main content
The Globe and Mail
Support Quality Journalism
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); }

Firefighters work at Notre-Dame Cathedral after a massive fire devastated large parts of the gothic gem in Paris, France on April 16, 2019.

YVES HERMAN/Reuters

Major European insurers expect France to bear the bulk of the cost of rebuilding the Notre-Dame Cathedral after a fire tore through the eight-centuries-old Paris landmark on Monday.

The cost of a likely multi-year restoration project could itself take a year to become clear, industry experts said.

“It is really going to be up to the French state and benefactors to help to restore and rebuild this,” Robert Read, head of art and private client at Lloyd’s of London insurer Hiscox told Reuters, adding it could take up to 20 years to restore the cathedral.

Story continues below advertisement

“The scaffolding costs are going to be enormous, actually securing the building is going to be enormous. The cost of renovating the (British) Parliament is a similar sort of number,” Read said.

The cost of repairs and upgrades to the neo-Gothic fronted parliament building on the banks of the River Thames has been estimated at up to $8-billion.

French President Emmanuel Macron has said France would launch a fundraising campaign to rebuild Notre-Dame, which ranks among the finest examples of French Gothic cathedral architecture.

Several of France’s business elite have already pledged money to help, including a 200 million euros ($226 million) donation from Bernard Arnault and 100 million from Francois Pinault, heads of luxury goods groups LVMH and Kering respectively.

“Rebuilding would be very tricky as some of the craft required to rebuild, the stain-making craft would probably have to be relearnt,” Hiscox’s Read said.

Reinsurer Swiss Re said works of art in buildings such as the cathedral are generally not insured because they are often priceless. Any art works on loan from third parties would, however, be insured, Read added.

While some of the large paintings at Notre-Dame could not be taken down in time, the mayor of Paris, Anne Hidalgo, said at the scene of the fire that a number of the many artworks in the cathedral had been rescued and were being put in safe storage.

Story continues below advertisement

Notre-Dame was in the midst of renovations and industry sources said the contractor would have its own liability policy.

“Typically that would be for tens of millions of euros. But effectively that is going to be a drop in the ocean compared to what the actual cost of restoring the cathedral is,” Read said.

“If they are deemed to be liable they would be carrying some cover, but it’s not unlimited and it’s definitely not going to be enough to rebuild the Cathedral.”

Report an error
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies