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Looting, vandalism from 2020 riots estimated to break insurance claim records

Looting, vandalism from 2020 riots estimated to break insurance claim records

Axios reported that according to data from a firm called Property Claim Services, "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."

Damage from the LA riots following the acquittal of the officers seen on video beating King cost insurers $775 million, which comes in at $1.42 billion when adjusted to 2020 dollars.

But the claims keep rolling in for property damage linked to civil unrest following the death of Floyd in late May, as riots in several U.S. cities continue months later — meaning even the high $2 billion estimate could be eclipsed.

Those events racked up losses totaling $357 million, $322 million, and $118 million respectively, in 2020 dollars.

The outlet reported, "Insurance companies paid out a total of $219billion worldwide for natural disasters in 2017 and 2018, according to Swiss Re," adding that "in California alone, insurance companies paid out $20 billion in claims during those two years after wildfires devastated the state."

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