Prior to 2020, the costliest civil disorder event in U.S. were the 1992 Los Angeles riots.
The costliest civil disorder in U.S. history: That’s what insurance experts and city officials say the riots and demonstrations following the death of George Floyd are shaping up to be.
From police overtime to losses from fire — as well as theft and other destruction — costs of the unrest are adding up. And for the first time since statistics were collected in 1950, the insurance industry has labeled this a “riot and civil disorder” catastrophe in multiple states.
“The riots in the Minneapolis area are the first riot and civil disorder event designated by [Property Claim Services] since the 2015 Baltimore riots,” Tom Johansmeyer, CEO of Property Claim Services (PCS), said Friday. “We continue to monitor for insured losses outside Minnesota, and the event has become the first PCS and civil disorder event to include more than one state.”