"Not only is this the first, this is the first - kind of with a cymbal crash," Tom Johansmeyer, head of PCS, tells Axios.This was the first that happened not just in multiple cities, but in 20 states. All previous catastrophes - as classified by the insurance industry - happened in a particular city.But it says the insured losses far outstrip the prior record of $775 million from the 1992 Rodney King demonstrations. And the 2020 wildfire season still has a way to go," says Worters of Triple-I.īetween the lines: PCS, a unit of Verisk Analytics, won't reveal an exact dollar figure from this year's violence because it wants to sell that data to clients.
"In California alone, wildfires have already burned 2.2 million acres in 2020 - more than any year on record. That compares with $18 billion for all of 2018 and $15 billion for all of 2017 (the 2019 numbers aren't available yet). The wildfire season has just begun this year, but already insured losses are at $1.5 billion, Triple-I tells Axios. Hurricane Isaias will cost $3 billion-$5 billion in insurance losses, per Risk Management Solutions (RMS). Yes, but: These losses are small compared with those stemming from natural disasters like hurricanes and the wildfires that are consuming the U.S. "And this is still happening, so the losses could be significantly more.". "It's not just happening in one city or state - it's all over the country," Loretta L. The protests related to George Floyd's death are also different because they are so widespread. That number could be as much as $2 billion and possibly more, according to the Insurance Information Institute (or Triple-I), which compiles information from PCS as well as other firms that report such statistics. It classifies anything over $25 million in insured losses as a "catastrophe," and reports that the unrest this year (from May 26 to June 8) will cost the insurance industry far more than any prior one. How it works: A company called Property Claim Services (PCS) has tracked insurance claims related to civil disorder since 1950. cities this spring were mostly peaceful, but the arson, vandalism and looting that did occur will result in at least $1 billion to $2 billion of paid insurance claims - eclipsing the record set in Los Angeles in 1992 after the acquittal of the police officers who brutalized Rodney King. Why it matters: The protests that took place in 140 U.S. 
The vandalism and looting following the death of George Floyd at the hands of the Minneapolis police will cost the insurance industry more than any other violent demonstrations in recent history, Axios has learned. Reproduced from Insurance Information Institute Table: Axios Visuals
0 kommentar(er)
