The 2020 Black Lives Matter riots are the most damaging riots in US history, according to a new report citing insurance industry payouts which could exceed $2 billion.
The riots and looting — initially sparked by the media hyping the death of George Floyd as a homicide by police rather than what appears more likely by the day to be an accidental fentanyl overdose by someone with chronic heart problems — cost the insurance industry “more than any other violent demonstrations in recent history,” Axios reports.
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.
How it works: 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.
– That number could be as much as $2 billion and possibly more, according to the Insurance Information Institute (or Triple-I), which compiles information from PCS as well as other firms that report such statistics.
– The protests related to George Floyd’s death are also different because they are so widespread. “It’s not just happening in one city or state — it’s all over the country,” Loretta L. Worters of the Triple-I tells Axios.
– “And this is still happening, so the losses could be significantly more.”
[…] PCS, a unit of Verisk Analytics, won’t reveal an exact dollar figure from this year’s violence because it wants to sell that data to clients. But it says the insured losses far outstrip the prior record of $775 million from the 1992 Rodney King demonstrations.
Insurance losses for the 2015 Freddie Gray riots in Baltimore didn’t even hit $25 million, Axios reported.
The 190-unit affordable housing project in Minneapolis that was burned to the ground by “peaceful protesters” in May cost $30 million alone.
Fortunately, we haven’t seen as many murders as with previous riots — but that may change when the Democrats’ Color Revolution goes live come November.
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