(RightWing.org) – The initial financial estimates of the destruction due to rioting in the wake of the George Floyd protests are in, and the numbers are staggering.
They far exceed the inflation-adjusted cost of $1.4 billion accrued by the 1992 Rodney King riots that were isolated to Los Angeles. Insurance claims from May 26 to June 8 are estimated to cost a whopping $1 billion to $2 billion during this time, already making it the most costly incidence of civil unrest in history.
Destructive violence, vandalism, and looting took place in 140 cities across the US during the time of the insurance estimate. The massive initial claims estimate is expected to climb significantly as companies access damages for June, July, August and September.
For comparison, Hurricane Isaias could cost $3 billion to $5 billion. Hurricanes cannot be avoided. Arson, looting, and destruction by rioters are a storm of civil unrest that can and should be avoided.
Let’s hope things settle down. These claims will likely cause insurance premiums for local governments to rise. In the long-term, that extra expense will undoubtedly get handed down to the taxpayers.
Copyright 2020, RightWing.org