Analysts predict the riots in the aftermath of George Floyd’s death may cost insurance companies $2 billion.
If those estimates come true, that would make the ongoing unrest in major metropolitan areas the costliest incident in insurance history.
Floyd’s death occurred a short time after former Minneapolis Police Officer Derek Chauvin kneeled on his neck for eight minutes and 46 seconds. Floyd was motionless and had no pulse during the final two minutes of Chauvin’s inexcusable show of force.
However, some peaceful protests in Minneapolis and struggling neighborhoods in other large cities quickly devolved into riots and looting, destroying numerous business owners’ livelihoods, demonizing law enforcement, and killing more than two dozen Americans.
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Per the Daily Wire:
Axios reports Wednesday that insurance companies could pay up to $2 billion to cover damages, rendering the Floyd riots the single largest insurance event in history, utterly dwarfing the next highest payout event, the Rodney King riots, which cost about $1.4 billion in today’s dollars, and mid-century race riots in Los Angeles, California, and Detroit, Michigan, which cost around $350 million each.
“The protests that took place in 140 U.S. cities this spring were mostly peaceful, but the arson, vandalism and looting that did occur will result in at least $1 billion to $2 billion of paid insurance claims — eclipsing the record set in Los Angeles in 1992 after the acquittal of the police officers who brutalized Rodney King,” Axios noted Wednesday. “A company called Property Claim Services (PCS) 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.”
SEE ALSO: Top Democratic Party Staffer Arrested in Portland Riot
The Floyd riots are also notable because the destruction is ongoing in places like Portland, Oregon, and Seattle, Washington, and new riots and incidents of looting crop up in cities weekly, as new police-involved shooting incidents come to light. The $2 billion likely does not include damage in Rochester, New York, or Lancaster, Pennsylvania, both of which played host, last weekend, to demonstrations that eventually turned violent. And it definitely does not include anticipated unrest following the November presidential election.
“There could be riots [after the election] that lead to significant losses that would meet our reporting thresholds,” one expert told Axios.
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If it’s truly as financially damaging as being claimed, all looters and rioters pillaging and destroying any such properties must be arrested and booked and then held liable for compensation costs. The courts could especially target those rioters of privilege who could take the financial hit so they and their families can experience the sting of their actions just as their victims have.
these at the AAN keep trying to justify the riots and deaths by continually referring to the death of that guy as being the cause, that’s always the leading sentence .. It’s never the actions of those committing the crime. let’s blame these riots on the guy who resisted, let’s blame it on the guy who had felony records and a history of crime,,, sounds stupid ,doesn’t it, just as stupid as saying these riots are the outcome of a mans death. So stop blaming it on that, put the blame where it belongs, childish, spoiled immature irresponsible brats who just want to throw a tantrum when they don’t get their way just like they have done since they were a crying little baby, then as a young child and now as an older child
I’m not saying what that cop did was right, it was sick and for those other 2 to watch, they could have arrested him for assault and attempted murder, or maybe, if there were enough people around watching and taking video, maybe they could have made a citizens arrest , just need some witnesses and their rights read. Yeah sure there might have been a scuffle and some people in court but this guy might have been alive. So maybe it’s not just the cops, maybe it’s the people who like to video in hopes of getting someone in trouble rather than trying to prevent something like this, so maybe it’s not just cops. maybe it’s people in general who like to watch shit like this and if that’s the case then this is something that needs to be looked into,society in general,, So whats that saying, dont judge a man till you’ve walked a mile in his shoes
george was a outstanding criminal,but he should of had life in prison , but for his OD
The recipe to fix the mass majority of these instances: 1. Obey the law 2. if you do break the law, don’t resist or ignore the commands issued by the arresting law enforcement officers when you get caught and apprehended. Face it when you resist arrest you are opening a whole new can of worms and share responsibility when things go south.
You don’t get it. The cop who knelt on his neck had been abused and assaulted enough times that he was tired of it. My dead brother, a former cop told of the frustration of arresting criminals and then having a stupid, or corrupt judge cut them loose. And when that happens often enough, the idea comes that maybe the criminal can be punished a little as he is being arrested. I AGREE.
It could be that the violent leftist animals may have miscalculated when planning to go APE if Trump wins. They failed to see that Americans are buying guns in record numbers. And no, i don’t believe the large part of these purchases are being made by those VERY SAME LEFTIST. Besides that, anyone who is a REAL responsible gun owner KNOWS that you have to practice and practice in order to be able to hit anything.
Want to bet that the leftist won’t spend the money for practice ammo and a place to shoot. LOL
Once again, the left proves their inability to think and act rationally.