Riots have smashed through a number of cities across the country in the wake of the death of George Floyd in police custody in May. Against the backdrop of mostly peaceful protests, the riots caused major damage and injuries in cities like New York City, Chicago and Portland, Ore.
The Insurance Information Institute has compiled some shocking data. According to the institute, property damage claims from the riots this summer have now likely surpassed $2 billion, making them the costliest riots in US history.
The Post Millennial reports,
The study indicates that just between the dates of May 26 and June 8 claims appear to be near the $2 billion mark, and in most cities, the rioting has not stopped. In Portland, for example, they are nearing four months of nightly disturbances without a single night off, and no end in sight.
“This is still happening, so the losses could be significantly more,” mentioned an official from Property Claim Services, an industry monitoring service, according to Claims Journal.
Another disturbing dimension to these figures is that they only include valid insurance claims. Many business and property owners are realizing to their horror that they are not even able to make a claim due to the nature of their insurance policies, which often do not include riot-related losses.
Fox News reports,
A number of House Republicans are urging the FBI to investigate who has been funding the recent riots across the country and bring federal charges against those who they say are “aiding and abetting” criminal activity.
“The Department of Justice and FBI’s leadership is needed to bring to justice those who have funded these criminal organizations and to give justice to the communities who have been devastated by these individuals and organizations,” reads the letter to FBI Director Christopher Wray, signed by Rep. Andy Biggs., R-Ariz., along with nearly two dozen other Republicans.