French insurer pays €650m in riot-related claims

The French insurance industry federation has estimated that the buildings burned and looted shops in recent riots and demonstrations after police shot dead a young man could cost companies at least €650 million.

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As of Tuesday, a total of 11,300 insurance claims had been filed for damages related to the riots, the majority from businesses and public institutions. According to French Guarantorthe Federation of French Insurance Companies.

About 3,900 businesses, government-owned buildings and vehicle authorities were affected by the riots. The remaining allegations are for vandalism on private property, mostly with cars set on fire.

Some companies may receive compensation for loss of business due to hotel and restaurant cancellations, but costs are difficult to assess and are not included as part of the claim.

Affected business

Bruno Lemaire, French Ministry of Economy, Details Targeted Companies to Parisian Newspapers include 436 tobacco shops, 370 banks, about 200 grocery stores and grocery stores.

Many government-owned buildings were destroyed, including the city hall, police station and schools, and buses and trams were set on fire.

Manage IIe-de-France Mobilitys Transportation in the Paris area39 buses were set ablaze, with damage to public transport estimated at €20 million.

Minister of Education Pap Ndiayi told RTL Radio About 240 schools were affected, 60 of which were severely damaged or destroyed, and repairs would cost tens of millions of euros.

Meanhill and Lemaire urged insurers to extend filing deadlines and reduce deductibles where possible, especially for small businesses.

In response, several insurers have extended claims deadlines from 5 days to 30 days.

Comparison with 2005

Florence Lastman The president of the French Insurance Association said the damage was different from what happened during the three weeks of war. 2005 riotafter which the insurance company will pay €204 million for 10,000 claims. Most of them are for vehicle damage from individuals.

At the time, insurance companies argued that the state was responsible for bearing the costs of the damage caused as a result of government-controlled demonstrations and rallies.

The government denied responsibility, saying the damage was the result of the deliberate actions of a small number of people.

(with newswire) French insurer pays €650m in riot-related claims

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