Post by dirtdiva on Sept 18, 2020 8:10:31 GMT -6
$1 billion-plus riot damage is most expensive in insurance history
Costliest U.S. civil disorders
Includes riots and civil disorders causing insured losses to the insurance industry
Dates Location Dollars 2020 dollars
May 26-June 8, 2020 20 states across U.S. $1-2b $1-2b
Apr. 29-May 4, 1992 Los Angeles, CA 775m 1.42b
Aug. 11-17, 1965 Los Angeles, CA 44m 357m
Jul. 23, 1967 Detroit, MI 42m 322m
May 17-19, 1980 Miami, Fl 65m 204m
Apr. 4-9, 1968 Washington, DC 24m 179m
Jul. 13-14, 1977 New York, NY 28m 118m
Jul. 12. 1967 Newark, NJ 15m 115m
Apr. 6-9, 1968 Baltimore, MD 14m 104m
Apr. 4-11, 1968 Chicago, IL 13m 97m
Costliest U.S. civil disorders
Includes riots and civil disorders causing insured losses to the insurance industry
Dates Location Dollars 2020 dollars
May 26-June 8, 2020 20 states across U.S. $1-2b $1-2b
Apr. 29-May 4, 1992 Los Angeles, CA 775m 1.42b
Aug. 11-17, 1965 Los Angeles, CA 44m 357m
Jul. 23, 1967 Detroit, MI 42m 322m
May 17-19, 1980 Miami, Fl 65m 204m
Apr. 4-9, 1968 Washington, DC 24m 179m
Jul. 13-14, 1977 New York, NY 28m 118m
Jul. 12. 1967 Newark, NJ 15m 115m
Apr. 6-9, 1968 Baltimore, MD 14m 104m
Apr. 4-11, 1968 Chicago, IL 13m 97m
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.
How it works: A company called Property Claim Services (PCS) has tracked insurance claims related to civil disorder since 1950. It classifies anything over $25 million in insured losses as a "catastrophe," and reports that the unrest this year (from May 26 to June 8) will cost the insurance industry far more than any prior one.
That number could be as much as $2 billion and possibly more, according to the Insurance Information Institute (or Triple-I), which compiles information from PCS as well as other firms that report such statistics.
The protests related to George Floyd's death are also different because they are so widespread. "It's not just happening in one city or state — it's all over the country," Loretta L. Worters of the Triple-I tells Axios.
"And this is still happening, so the losses could be significantly more."
Yes, but: These losses are small compared with those stemming from natural disasters like hurricanes and the wildfires that are consuming the U.S. West.
Hurricane Isaias will cost $3 billion-$5 billion in insurance losses, per Risk Management Solutions (RMS).
The wildfire season has just begun this year, but already insured losses are at $1.5 billion, Triple-I tells Axios. That compares with $18 billion for all of 2018 and $15 billion for all of 2017 (the 2019 numbers aren't available yet).
"In California alone, wildfires have already burned 2.2 million acres in 2020 — more than any year on record. And the 2020 wildfire season still has a way to go," says Worters of Triple-I.
Between the lines: PCS, a unit of Verisk Analytics, won't reveal an exact dollar figure from this year's violence because it wants to sell that data to clients. But it says the insured losses far outstrip the prior record of $775 million from the 1992 Rodney King demonstrations.
All previous catastrophes — as classified by the insurance industry — happened in a particular city. This was the first that happened not just in multiple cities, but in 20 states.
"Not only is this the first, this is the first — kind of with a cymbal crash," Tom Johansmeyer, head of PCS, tells Axios.
Full article www.axios.com/riots-cost-property-damage-276c9bcc-a455-4067-b06a-66f9db4cea9c.html?stream=top
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.
How it works: A company called Property Claim Services (PCS) has tracked insurance claims related to civil disorder since 1950. It classifies anything over $25 million in insured losses as a "catastrophe," and reports that the unrest this year (from May 26 to June 8) will cost the insurance industry far more than any prior one.
That number could be as much as $2 billion and possibly more, according to the Insurance Information Institute (or Triple-I), which compiles information from PCS as well as other firms that report such statistics.
The protests related to George Floyd's death are also different because they are so widespread. "It's not just happening in one city or state — it's all over the country," Loretta L. Worters of the Triple-I tells Axios.
"And this is still happening, so the losses could be significantly more."
Yes, but: These losses are small compared with those stemming from natural disasters like hurricanes and the wildfires that are consuming the U.S. West.
Hurricane Isaias will cost $3 billion-$5 billion in insurance losses, per Risk Management Solutions (RMS).
The wildfire season has just begun this year, but already insured losses are at $1.5 billion, Triple-I tells Axios. That compares with $18 billion for all of 2018 and $15 billion for all of 2017 (the 2019 numbers aren't available yet).
"In California alone, wildfires have already burned 2.2 million acres in 2020 — more than any year on record. And the 2020 wildfire season still has a way to go," says Worters of Triple-I.
Between the lines: PCS, a unit of Verisk Analytics, won't reveal an exact dollar figure from this year's violence because it wants to sell that data to clients. But it says the insured losses far outstrip the prior record of $775 million from the 1992 Rodney King demonstrations.
All previous catastrophes — as classified by the insurance industry — happened in a particular city. This was the first that happened not just in multiple cities, but in 20 states.
"Not only is this the first, this is the first — kind of with a cymbal crash," Tom Johansmeyer, head of PCS, tells Axios.
Full article www.axios.com/riots-cost-property-damage-276c9bcc-a455-4067-b06a-66f9db4cea9c.html?stream=top