Insurers face losses as France riots deemed ‘like natural disasters’
Now we can expect similar events to occur every year, which has led the Government to promote measures so that properties are insured against damage caused by riots.
France has experienced violent riots that are expected to lead to insurance losses of up to €1.2 billion, according to Morningstar DBRS analysts. The country's government is seeking EU approval to make it mandatory for properties to have riot insurance backed by the state. The recent riots have caused significant damage, with over 3,000 commercial establishments affected, including luxury brands like Louis Vuitton and Kenzo.
The French government plans to introduce a new insurance system, which will be financed by a tax on insurers and backed by a €4 billion guarantee from the state's reinsurer, Caisse Centrale de Réassurance.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
