Reproduced from Insurance Information Institute; Table: Axios Visuals
Axios: Exclusive: $1 billion-plus riot damage is most expensive in insurance history
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, Axios has learned.
Why it matters: 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.
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WNU Editor: And these are (cough cough) peaceful protests?!?!?!? What would be the cost if these protests are not peaceful?
6 comments:
Retired General Mattis called them a "few lawbreakers." Either he is a complete idiot or he lied. I'd say combination of both. What's worse is my gut tells me the active military leadership generally thinks as he does. Clearly a complete and total purging is going to be needed from platoon leaders on up. Perhaps we can have some allies who can and would be willing to help us to revamp our military.
I didn't think insurance policies covered riots. I wouldn't expect them to cover this as the rioters are still out there. What's the point? If it's rebuilt the rioters and looters will simply tear it down again at a time of their choosing.
Since local leaders won't allow the use of local law enforcement to quell this and military leadership is going to defy any order to deploy the troops to quell this, I would think the only ways insurance would pay would be if the property owner pledges not to rebuild and the insurance company isn't responsible for any more claims. As stated, What's the point? The rioters will simply burn down the rebuilt property at a time and of their choosing. Furthermore those who pay the claims to the property owners or who pay for rebuilding now become targets of the looters themselves. In this environment, I don't envision the insurance companies paying anything.
Highest insurance in total? Far off.. natural disasters in the US are ten, twenty times that size. The biggest are ten- twenty billion. Largest riot insurance payout yes maybe
A hurricane hits and people rebuild.
A riot hits and the area is blighted for a minimum of 15 years. Years later a grifter comes through crying crocodile tears and complains about food deserts.
Old Asian saying:
when insurance costs go up to sky, raise rates to ensure profts or do not stay in business. Has any insurance company gone out of business in recent years?
Note current storm damage in Gulf area and fires in 3 states in West
Actually a hurricane in the late 1980s was enough to bankrupt State Farm. You are just too stupid to know where to look. So really anything else you have to say does not pass muster. Back to KP with you.
I was looking for it, and there it was, in the second paragraph:
"The protests that took place in 140 U.S. cities this spring were mostly peaceful . . . ."
Gotta love that Libtard newspeak.
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