We all know that Black Lives Matter is a barking mad conspiracy theory. Anyone with an ounce of critical thinking and access to some easily available statistics quickly realises that its entire narrative is completely at odds with reality. But nothing, perhaps, demonstrates the movement’s utter detachment from reality better than some violent goon hand-waving away the fact that they’ve just reduced some hard-working (usually black) citizen’s dream business to ashes by smirking, “Insurance will cover that”.
Clearly, these black-shirted morons have never tried to lodge an insurance claim in their life. (What am I saying? That sort of thing is what the young call “adulting”, and the perpetual adolescents of BLM and Antifa don’t “do” adulting.) Most insurance policies specifically exclude riots and civil disorder. Even assuming they don’t wriggle out of paying up, claims can easily take months to be settled.
Even then, insurance rarely covers the full cost of rebuilding. It certainly doesn’t compensate for the soul-shattering experience of seeing your life’s work burned to the ground by a mob.
Worse, the more insurance companies are forced to pay out, the more everyone else’s insurance premiums go up to cover the loss.
The mindless destruction of the radical left is going to cost Americans plenty.
The vandalism and looting following the death of George Floyd at the hands of the Minneapolis police will cost the insurance industry more than any other violent demonstrations in recent history, Axios has learned.
Why it matters: The protests that took place in 140 U.S. cities this spring were mostly peaceful, but the arson, vandalism and looting that did occur will result in at least $1 billion to $2 billion of paid insurance claims — eclipsing the record set in Los Angeles in 1992 after the acquittal of the police officers who brutalized Rodney King.
It’s rather odd to describe the most destructive rioting in recent history as “mostly peaceful”. That’s like saying that “most Jews didn’t die in the Holocaust” (after all, it was “only” 6 of the world’s 17 million Jews at the time).
Try as they might, the leftists at Axios can’t disguise that the riots have been massive, widespread – and astronomically costly.
A company called Property Claim Services (PCS) has tracked insurance claims related to civil disorder since 1950. It classifies anything over $25 million in insured losses as a “catastrophe,” and reports that the unrest this year (from May 26 to June 8) will cost the insurance industry far more than any prior one.
That number could be as much as $2 billion and possibly more, according to the Insurance Information Institute (or Triple-I), which compiles information from PCS as well as other firms that report such statistics.
The protests related to George Floyd’s death are also different because they are so widespread. “It’s not just happening in one city or state — it’s all over the country,” Loretta L. Worters of the Triple-I tells Axios.
How widespread?
All previous catastrophes — as classified by the insurance industry — happened in a particular city. This was the first that happened not just in multiple cities, but in 20 states.
“Not only is this the first, this is the first — kind of with a cymbal crash,” Tom Johansmeyer, head of PCS, tells Axios.
And it’s not over yet. The insurance industry is under no illusions about the destructiveness of the left’s temper-tantrums. The industry is bracing itself for yet more waves of violence in the coming months, first with the expected confirmation of a new Supreme Court justice, and then the November presidential elections.
At least the gunshops will continue to do a roaring trade as ordinary Americans gear up to protect their lives and property from rampaging leftist mobs.
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