French insurance companies will have to pay more than 500 million euros because of the mess

In a statement published this Tuesday, the French Federation of Insurers (FFA) assures that after last week’s statements about the riots that began in June, the total amount it will have to pay its policyholders will reach at least 650 million euros. The final cost is three times bigger than they had to pay after the riots in 2005, the most catastrophic to date, which lasted four weeks.

As of Friday, July 7, insurers have received 11,300 statements of losses, of which a third were experts whose property was damaged, which represents 55% of the costs that they will have to compensate. If we add damages from public administrations, it reaches 90%. The rest is private property, mostly burned cars. In 2005, 82% of compensation claims related to vehicle damage and fires, with a compensation value of 204 million euros.

France Assureurs reminded that this time it was agreed extend the period statement of the 5 days that usually appear in 30-day contracts, that expert examination procedures are accelerated and that facilitated compensatory advances for “the most difficult situations”.

According to reports from the French Ministry of the Interior, released on July 5, since the riots began on June 27, more than 2,500 buildings were burned or degraded, and more than 12,000 cars were also burned.

The reason for this outbreak of violence, which lasted for a week, was the death of a 17-year-old minor after he was shot by the police when he tried to jump a traffic control.