According to Axios, a company called Property Claim Services (PCS) has tracked insurance claims related to civil disorder since 1950.
PCS classifies anything over US$25 million in insured losses as a “catastrophe” and reported that the civil unrest between May 26 and June 08 will cost the insurance industry more than any prior civil unrest.
The final number could be up to US$2 billion and possibly more, according to the Insurance Information Institute (Triple-I).
The protests will be costly in large part because they were so widespread, Triple-I’s Loretta L. Worters told Axios.
Hurricane Isaias, for example, will cost an estimated US$3 billion to US$5 billion, according to Risk Management Solutions.