Riots Following George Floyd’s Death May Cost Insurance Companies $2 Billion

So now the peaceful protests have cost Insurance companies $2 billion dollars. Or should I say mostly peaceful protests?

The following is from our friends at The New York Post.

Riots sparked by the police killing of George Floyd could cost insurance companies $1 billion to $2 billion — possibly making them the most expensive in US history, an industry group says.

The potentially record-setting insured losses piled up as the demonstrations sometimes descended into looting, arson and vandalism in more than 20 states across the country from May 26 to June 8, according to the Insurance Information Institute.

“It’s not just happening in one city or state — it’s all over the country,” Loretta L. Worters, a spokeswoman for the group, told Axios, which first reported on the estimates Wednesday. “And this is still happening, so the losses could be significantly more.”

The cost of the damage could surpass that of the 1992 Los Angeles riots following the acquittal of the cops who beat Rodney King. That violence led to $775 million in insured losses at the time, or more than $1.4 billion in today’s dollars, according to the institute known as Triple-I.

You can read more from our friends at The New York Post.

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