Posted on 09/16/2020 7:15:10 AM PDT by karpov
Insurance companies could pay up to $2 billion in claims stemming from riots sparked by the police killing of George Floyd — making them the most expensive in US history, a new report says.
The record-setting insured losses piled up as the demonstrations sometimes devolved into looting, arson and vandalism in 20 states across the country from May 26 to June 8, Axios reported Wednesday, citing figures from 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 industry group, told Axios. “And this is still happening, so the losses could be significantly more.”
The cost of the damage will likely surpass that of the 1992 Los Angeles riots following the acquittal of the cops that 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.
The violence sparked by Minneapolis cops’ killing of Floyd was the first “multi-state catastrophe event” ever declared for civil disorder by claim-tracking company Property Claim Services, Triple-I has said.
Past civil catastrophes — events that caused at least $25 million in insured losses — unfolded in individual cities, such as the 1967 Detroit riots or the 1977 New York City blackout, according to the group, which noted that standard business-owner and homeowner insurance policies cover riot-related damages.
(Excerpt) Read more at nypost.com ...
The low-IQ idiot leaders of BLM don’t grasp the fact that the rise in insurance will ultimately result in higher prices and losses for jobs for all Americans, especially blacks living in urban area.
For those of us that live in the path of named storms, our deductible increases substantially when our properties are damaged by said named storm—on the order of $2000 for a non-named storm incident such as a tornado to $6000 for a named hurricane. Forget that we sometimes have thunderstorms pass through with 50 to 60 MPH winds causing damage. If those same type winds associated with a named storm come through the higher deductible is applied.
Do the deductibles for property damage caused by riots increase in a similar fashion. I also thought that insurance companies did not cover damage caused by civil unrest.
My career involved me in sales and purchase contracts on an almost daily basis. Every contract that I executed included a force majeure clause that covered failure to perform because of riots, civil unrest, war, floods, earth quakes, anything not reasonably withing the control of the buyer or seller, etc.
The cost of these losses will be recovered by the insurance companies with rate increases that will be shared by all their customers with like policies as those affected by the riots. It is called share the pain even though the loss was in a Democrat controlled city and you live in a sane Republican run city that had no riots, burning and looting.
Give the bill to the DNC they own the cause.
The police did not kill George Floyd. George Floyd, a violent career criminal, died of a fentanyl overdose.
Business owners and residents in these areas will be made to absorb the cost, via higher premiums.
Prohibitive insurance premiums will be an insurmountable obstacle to living and doing business in those areas.
The result will be ‘dead cities’ and all the social and economic repercussions that go with it. Thanks O’bozo!
Spot on!!
These riots will have second and third order effects that won't be fully known for years.
...the police killing of George Floyd
***************************************
I’m fed up seeing that lie constantly repeated in the papers and by people on TV. Just this afternoon, Bill Hemmer on Fox News mentioned the “murder” of Floyd, not the death.
Do these reporters, editors, TV hosts, etc., never do research? The ME’s report said there were zero injuries caused by the police, and that Floyd died from meth and fentanyl (4 times a lethal dose).
B$ it won't cost the Insurance companies one red cent. They have no money whatsoever except what the rate payers contribute.
They work exactly like bookies, they lay off part of their risk. They all pay into a pool to cover these kinds of losses. These kinds of payouts raise rates for policies that have nothing to do with the losses generated by the riots.
I doubt if it covers war and insurrection which is why they will never call it that, just like 911 was not war or insurrection.
I’m not sure war and insurrection is the same thing as the Civil unrest we are seeing today. If so, you can kiss mortgages as we know them goodbye if the underlying asset is uninsurable.
which is why I said they would't call it that, even though it is. In fact several states and even cities are in a state of insurrection. The fact that we have had a coup going on since he took office should tell you something.
Depends on the policy...
Businesses in democrat hellhole cities can buy riders to cover Antifa thugs and black lowlifes having tantrums.
I’m assuming the price of that insurance will be going up...
Maybe a class action suit of business owners around the country suing the companies that donated funds to BLM.
If they can fund them on the front end, they can pay for their damages.
“Well, they have insurance.”
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