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        <title><![CDATA[Riots following George Floyd’s death may cost insurance companies up to $2B]]></title>
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        <lastBuildDate>Wed, 16 Sep 2020 12:21:35 +0000</lastBuildDate>
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            <media:title type="html">Riots following George Floyd’s death may cost insurance companies up to $2B</media:title>
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        <content:encoded><![CDATA[<p>Insurance companies could pay up to $2 billion in claims stemming from riots sparked by the <strong>police killing of George Floyd</strong> — making them the most expensive in US history, a new report says.</p><p>The record-setting insured losses piled up as the demonstrations sometimes devolved into looting, arson and vandalism in 20 states across the country from May 26 to June 8, <strong>Axios reported</strong> Wednesday, citing figures from the Insurance Information Institute.</p><p>&#8220;It&#8217;s not just happening in one city or state — it&#8217;s all over the country,&#8221; Loretta L. Worters, a spokeswoman for the industry group, told Axios. &#8220;And this is still happening, so the losses could be significantly more.&#8221;</p><p>The cost of the damage will likely surpass that of the 1992 Los Angeles riots following the acquittal of the cops that beat Rodney King. That violence led to $775 million in insured losses at the time, or more than $1.4 billion in today&#8217;s dollars, <strong>according to the institute</strong> known as Triple-I.</p><p>The violence sparked by Minneapolis cops&#8217; killing of Floyd was the first &#8220;multi-state catastrophe event&#8221; ever declared for civil disorder by claim-tracking company Property Claim Services, Triple-I has said.</p><p>Past civil catastrophes — events that caused at least $25 million in insured losses — unfolded in individual cities, such as the 1967 Detroit riots or the 1977 New York City blackout, according to the group, which noted that standard business-owner and homeowner insurance policies cover riot-related damages.</p><p>But the costs of this year&#8217;s riots will reportedly be dwarfed by natural disasters that have hammered parts of the country. Hurricane Isaias is expected to cost $3 billion to $5 billion in insurance losses, while the tab for the just-started wildfire season is already at $1.5 billion, Axios reported.</p><p>Triple-I did not immediately respond to The Post&#8217;s request for its estimate of riot-related damages Wednesday morning.</p>]]></content:encoded>
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