Informa Insurance News 24
LOOTING IN US DEEMED A “CIVIL DISORDER EVENT” BY PCS
The Property Claim Services unit of Verisk has determined that the looting that has accompanied some of the protests across the US in the wake of the killing of George Floyd by Minneapolis police on May 25 will amount to a catastrophic “riot and civil disorder event.” Looting and vandalism damages in Minnesota alone caused at least $25m in insured losses, the PCS threshold for declaring an event a catastrophe. Robert Hartwig, the University of South Carolina business professor who once headed the Insurance Information Institute, said insured losses from the unrest will range from $500m to $1bn. The bulk of the insureds losses will be borne by commercial insurers, with lesser amounts of motor and homeowners losses.