The vandalism and looting following the death of George Floyd at the hands of the Minneapolis police will cost the insurance industry more than any other violent demonstrations in recent history, according to Axios.
Property Claim Services has tracked insurance claims related to civil disorder since 1950. It classifies anything over $25 million in insured losses as a "catastrophe," and reports that the unrest this year (from May 26 to June 8) will cost the insurance industry far more than any prior one.
That number could be as much as $2 billion and possibly more, according to the Insurance Information Institute, which compiles information from PCS as well as other firms that report such statistics.
And you know what? The cost is almost nothing compared to the losses resulting from the lockdowns related to COVID-19, which is generally not a serious illness for people under 70.
Politicians are greater destroyers than street rioters.
They should be locked up and charged first.
-RW
Something doesn't make sense with those numbers. How could this be the result of mostly peaceful protests? The Insurance Information Institute is clearly a MAGA-hat-wearing, white-supremacist, neo-confederate, gun-toting, anti-science, gay-and-transgender-bashing, anti-immigrant organization.
ReplyDeleteIf the verdict in the eventual case against the cops involved in the Floyd incident goes against the cops, will the insurance companies go after the city?
ReplyDelete