While the Washington Post has decided to highlight a recent report about the protests remaining mostly peaceful, there is still much to be done. Yes, their report claimed that 93 percent of the protests have been peaceful. It’s the 7 percent that is worrying the rest of the country right now. The civil disorder that the nation is experiencing is getting very, very expensive.
Property Claim Services has tracked every insurance claim that is related to forms of civil unrest since 1950. Any insured loss damages over $25 million are classified as a “catastrophe”. 2020 is going to cost insurance companies more than any other in our nation’s history. The number may reach $2 billion before the year is out.
Insurance Information Institute corroborates the figure. They compile information that is provided by Property Claim Services and other companies that gather such data. “It’s not just happening in one city or state — it’s all over the country,” says Loretta L. Worters. As a member of the Insurance Information Institute, she has never seen anything quite like this.
She believes that the losses could continue to rise, since the protests seem to be far from over. As a point of comparison, we took a look at the damages caused by the Rodney King riots back in the ’90s. When you adjust the numbers for inflation, these totals reach roughly $1.4 billion. It’s safe to say that these riots are already much worse than that.
One of the best ways to truly understand the damages is by comparing it to a natural disaster. This year’s wildfires have caused $1.5 billion in damages thus far but in past years, these damages have reached up to $18 billion. Hurricane Isaias, a category 1 hurricane, caused damages that range somewhere between $3 billion and $5 billion.
So, there you have it. These protests are less costly than the most expensive wildfires but more costly than this year’s wildfires. It’s not over yet and that is the most nerve-wracking part for those who are paying close attention to the news. For starters, there is a great deal of speculation about what may happen if Trump is able to win re-election.
There were plenty of riots and protests following the 2016 election and this one could be more of the same. The damages that are already taking place are substantial enough. Kenosha’s fire chief has been dealing with the aftermath of the riots that broke out after the Jacob Blake shooting. According to Fire Chief Charles Leipzig, he says that the damages have already exceeded $11 million.
“It’s been a very difficult past month,” says Leipzig. “We have a record fire loss and some injuries as a result of the current events. … You’re looking at $11 million in fire loss. To put into context, that’s three years of fire loss for us in the span of about a week. And we also sent some people to the hospital. It has not been a very pleasant month.”
This begs the question: when can we expect things to go back to normal? Biden seems to think that he has a chance to turn things around. The leftists might be a bit happier if Trump is out of office but that is not going to change things by itself. On the other hand, the anti-war movement seemed to vanish pretty quickly once Barack Obama had the chance to become president.
There is also a chance that a coronavirus vaccine could be ready for the general public before the year is out. This is Trump’s great hope at the moment and he is putting a lot of pressure on Pfizer to get it done. If the vaccine is released to the public, this could help put a stop to all of civil unrest that we have been seeing.
In the meantime, the far left is going to continue to put pressure on local district attorneys. So far, these DAs have been slow to bring charges against protesters. All of that could change once these cities are forced to start paying off the damages that have taken place during this long, strange summer.