George Floyd riots have cost more than $1B in insurance claims, making them costliest riots in US history

The total cost of damages from the riots sparked by the death of George Floyd surpassed the cost of the 1992 Rodney King riots, according to estimates from insurance claims throughout the United States.

a group of people walking down the street

© Provided by Washington Examiner

The string of riots that followed Floyd’s death from May 26 to June 8 are expected to cost between $1 billion and $2 billion, according to Axios. The protests took place throughout 140 U.S. cities, with some of the demonstrations devolving into violent riots filled with vandalism, arson, and looting.

This year’s riots surpassed the destruction that took place in 1992 in Los Angeles between April 29 and May 4, following the acquittal of the officers who had beaten King. Those riots cost $775 million, or roughly $1.4 billion when adjusted for inflation.

The data was released by Property Claim Services, a company that has tracked insurance claims following riots for decades. The company classifies any riot that leads to more than $25 million in damage as a “catastrophe.” The Insurance Information Institute, a company that compiled the data from the Property Claim Services, said the Floyd riots were exceptionally costly because they took place in several cities throughout the nation, while the King riots were localized to Los Angeles.

“It’s not just happening in one city or state — it’s all over the country,” said Loretta Worters of the Insurance Information Institute.

Worters noted that the estimates only included data from the riots that took place from May 26 to June 8. She said that riots are “still happening” in many cities, including the recent riots in Rochester, New York.

“The losses could be significantly more,” she added.

Floyd, a 46-year-old black man, died on May 25 in Minneapolis police custody. His death prompted protests against police brutality and racial injustice.

Tags: News, Riots, George Floyd, Insurance Industry, Protests, Police

Original Author: Madison Dibble

Original Location: George Floyd riots have cost more than $1B in insurance claims, making them costliest riots in US history

Continue Reading

Next Post

Consumer Confidential: Banks say cardholders can get help during the pandemic. But it may not be easy | Business

Thu Sep 17 , 2020
Like many people in these strange and unwelcome times, Brienna Prowler has been making ends meet by running up hefty balances on her credit cards. Specifically, she’s carrying a combined $15,000 in family medical bills on her Chase and Barclays cards — bills she can’t pay down since losing her […]

You May Like