French Riot Claims Rise to €650 Million, Insurance Lobby Says

Some 11,300 claims for damages from riots in France had been filed as of July 7 for a total cost of €650 million ($716 million), the insurers federation said in a statement Tuesday.

(Bloomberg) — Some 11,300 claims for damages from riots in France had been filed as of July 7 for a total cost of €650 million ($716 million), the insurers federation said in a statement Tuesday.

The number of claims has doubled compared with a July 3 estimate, France Assureurs said. Claims for commercial property account for 55% of the total value while claims for local government property account for 35%.

The nature of the claims is very different from that of the 2005 riots, when vehicle damage and fire accounted for 82% of claims, for a total cost of €204 million, the insurers federation added.

France Assureurs has asked its members to extend to 30 days the claims notification period generally set at 5 days in insurance contracts contracts.

Read More: Riots in France Expose Decades of Failure in Tinderbox Suburbs

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