Insurance Costs For George Floyd Riots Will Be Most Expensive In History

According to Axios, a company called Property Claim Services (PCS) has tracked insurance claims related to civil disorder since 1950. PCS classifies anything over $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 $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.

“It’s not just happening in one city or state – it’s all over the country,” she said. “And this is still happening, so the losses could be significantly more.”

However, the projected losses are still small compared to those stemming from natural disasters such as hurricanes and wildfires, Axios said. Hurricane Isaias, for example, will cost an estimated $3 billion to $5 billion, according to Risk Management Solutions.