America is the only country on earth where “mostly peaceful protests”, will cost $1-2 billion in damage claims according to the Insurance Information Institute. Insurance companies already face claims of $1.5 billion in damages for the wildfire season this year, Triple-I told Axios. ... a report released Wednesday by the Insurance Information Institute … Sure, let’s trust a non-doctor billionaire who pays media instead, Why Bob Woodward’s ‘Rage’ is a lie built on a lie, and what Trump vs ‘Military Messiah Syndrome’ really is about. While unrest continues in some cities, much of the rioting has died down - for now. The data comes from the Insurance Information Institute (Triple-I), which compiles information from a company called Property Claim Services (PCS). Subscribe to RT newsletter to get stories the mainstream media won’t tell you. California - Do Not Sell My Personal Information. May, Rammell, Wells. I.I.I. We serve consumers, media and professionals seeking insurance information. Think your friends would be interested? In terms of the damage nationwide, this could be one of the costliest U.S. civil disorders, said Loretta Worters, vice president of media relations at the Insurance Information Institute. While it’s unlikely any burned-out business feels fortunate to have to file an insurance claim, those destroyed in the riots are in a better situation than their colleagues driven out of business by the coronavirus pandemic. Private insurance won’t come close to paying the cost of rebuilding what was lost in the riots following George Floyd’s death. agrees with Axios and the PCS that the damages will hit records but it thinks damages for riots and other violence and vandalism will hit at least $2 billion and will likely be even higher. "What Exactly Is a “Riot” and “Civil Commotion” Under a Property Insurance Policy?" He said he urged BLM protesters to obey the city’s curfew and he does not think they perpetrated any of the destruction. The year 2020 could rank as among the costliest when it comes to civil disobedience, second only to 1992 when the Rodney King riots devastated South Central Los Angeles, according to the Insurance Information Institute. The property destruction from the riots that followed Minneapolis police’s killing of George Floyd was the worst in the history of insurance, with claims costing insurers up to $2 billion, according to an industry group’s report. Several US intelligence agencies, think tanks, military contractors, and even tech companies have also run election simulations in which contested results lead to widespread civil unrest, including rioting. The damage from riots sparked by the police killing of George Floyd may end up being the most expensive in U.S. history, costing insurance companies between $1 billion and $2 billion.The data comes from the Insurance Information Institute (Triple-I), which compiles information from a company called Property Claim Services (PCS). According to the Insurance Information Institute, comprehensive coverage on an auto insurance policy should apply to riot damage. Even the $2 billion number may be an underestimate. The Insurance Information Institute (Triple-I) compiled the PCS data and estimated the $1 billion to $2 billion number. The record-setting insured losses piled up as the demonstrations sometimes descended 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. Follow him on Twitter at @Tyler2ONeil. 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