France counts economic cost of violent riots

Damage from unrest and looting after a teenager’s death has resulted in a $721 million insurance bill, an industry body estimates

The economic cost is mounting in France after the fatal police shooting of a teenager sparked widespread unrest. Ten days after the start of the unprecedented riots in late June, over 11,000 claims were reported, putting the bill at €650 million ($721 million), according to the French insurance federation.

Claims on professional property accounted for 55% of the total cost, France Assureurs reported, as cited by AFP this week.

The federation emphasized that the first claims received five days after the outbreak of violence were mainly for damage to vehicles.

The President of France Assureurs, Florence Lustman, specified that 90% of the cost of the “exceptional violence relates to the 3,900 properties of professionals and local authorities affected.”

Earlier this month, Finance Minister Bruno Le Maire urged insurers to extend the deadline for claims.

Since June 27, and for almost a week, France has been gripped by violent protests, after police in the Paris suburb of Nanterre fatally shot a French-Algerian boy named Nahel Merzouk. The 17-year-old allegedly tried to drive away after being stopped by the police. The officer who fatally shot Nahel was soon placed in custody and charged with homicide.

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The incident triggered a wave of nationwide violence, with the French authorities deploying 45,000 police officers after the streets were overrun by youths, who started fires and attacked officers, public buildings, and stores. Over 4,000 people have been detained as a result, including around 1,200 minors.

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