France riot total claims cost reaches €650 million: France Assureurs

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Ten days after the start of the unprecedented riots in France in late June, 11,300 claims were reported, amounting to a total cost of €650 million, according to France Assureurs.

Police riotsFrance Assureurs noted that claims on professional property account for 55% of this total cost, and claims on local authority property account for 35%.

The federation stated that the first claims received 5 days after the outbreak of violence were mainly for damage to vehicles.

Though by July 7, 10 days after the start of the riots, the number of claims had doubled to 11,300, compared with the estimate of July 3.

As mentioned, the total cost of claims declared to date has hit €650 million. France Assureurs suggested that the cost of damage declared following this urban violence is already more than three times higher than that of the claims caused by the four weeks of rioting in the autumn of 2005.

Though, the nature of the claims is “very different” from that of the 2005 riots, when vehicle damage and fire accounted for 82% of claims, at a much lower total cost of €204 million.

In a written statement, France Assureurs said, “Since June 27, our country has been confronted with scenes of urban violence and looting of unprecedented intensity.

“France Assureurs and its members express their support for all the victims of these events. Insurers are fully mobilized to support their policyholders whose property has suffered damage as a result of these riots.

“France Assureurs’ crisis unit is in contact with public authorities in all territories to answer any insurance-related questions that may arise following these extremely violent events.”

Florence Lustman, President of France Assureurs, commented, “Since June 27, and for almost a week, France has faced scenes of exceptional violence.

“I would like to express my support for all the victims of these events, some of whom have seen their life’s work destroyed. My support also goes to all the mayors of our communes, on the front line in the face of these riots.

“90% of the cost of this urban violence relates to the 3,900 properties of professionals and local authorities affected.

“The nature of the losses linked to the violence of the last few days is therefore very different from what our country experienced in 2005.”

The post France riot total claims cost reaches €650 million: France Assureurs appeared first on ReinsuranceNe.ws.

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