Assault on U.S. Capitol a Spark, but No Catastrophic Property Losses Yet
Commercial property insurers who are already edgy after suffering historic losses from civil unrest got another jolt Wednesday when pro-Trump protestors smashed windows to gain entry into the U.S. Capitol.
But there’s “a lot of mileage” between the Washington D.C. protest and the kind of widespread rioting that erupted after the police killing of George Floyd in Minneapolis, which caused more than $2 billion in projected damages, said Thomas R. Johansmeyer, leader of Verisk’s Property Claims Services.
Catastrophe-level property losses from rioting aren’t likely unless the protests move far beyond government buildings. Johansmeyer said a bond fire needs a gale-force wind to become a conflagration even if has plenty of fuel to burn.