Crime

REPORT: George Floyd Riots Most Expensive In U.S. History

By

The riots which exploded across the country in late May in response to the death of George Floyd are now estimated to be the most expensive civil disorders in U.S. history, costing insurance companies upwards of $2 billion.

But the costs may be much higher.

According to Axios, statistics compiled by Insurance Information Institute (Triple-I) and originally provided by Property Claim Services (which has been tracking insurance claims from civil unrest since 1950), the riots occurring from May 26th through June 8th of this year have racked up $1 billion to $2 billion in losses.

In the Minneapolis area alone, for instance, over 1,500 businesses were vandalized, looted, and destroyed within the first few days of protests. According to the Star Tribune.

PCS labels anything above $25 million a “catastrophe.” The riots of this past summer have been deemed a “multi-state catastrophe event,” the first of its kind, with over 20 states suffering significant losses.

The most expensive civil unrest event prior to this summer was the 1992 Rodney King riots in LA, which cost $775 million in insurance claims (or $1.42 when adjusted for inflation). Most other catastrophes occurred during the 1960s. But, unlike the riots from this past summer, those catastrophes tended to be isolated to one city.

“It’s not just happening in one city or state,” Loretta L. Worters of Triple-I told Axios, ” – it’s all over the country. And this is still happening, so the losses could be significantly more.”

Comments are closed.