The damage from riots and looting across the U.S. following the death of George Floyd is estimated to be the costliest in insurance history - between $1 billion and $2 billion. The media seem profoundly incurious. The I-TEAM investigated the cost for city staffing and overtime from the weekend of the rioting. The . Since the death of George Floyd in late May, riots have plagued major cities across the country. According to the institute, property damage claims from the riots this summer have now likely surpassed $2 billion, making them the costliest riots in US history. New polling sheds light on just . Updated: Jun 10, 2020 / 06:20 PM EDT. Early estimates from insurance agencies say the cost of this summer's rioting will set a record surpassing that of the 1992 Rodney King riots, which cost an inflation-adjusted $1.2 billion. ($1.42 billion in 2020 dollars), which was set in 1992 by riots following the acquittal of police officers who were videotaped beating Rodney King. The media's continued silence on the mayhem and tacit approval of it since it first began has been absolutely disgraceful. 5 million in damage during . Riots sparked by the police killing of George Floyd could cost insurance companies $1 billion to $2 billion — possibly making them the most expensive in US history, an industry group says. In June, President Trump ordered the deployment of thousands of National Guard troops -- 1,200 from . Even worse, economic research suggests that the areas afflicted will suffer from the damage inflicted by rioters for years to come. Looting following protests caused $20 million-plus in Cook County damage, state estimates The figures helped the state secure low-interest federal loans for businesses and nonprofits of up to $2 . By Michael Austin September 19, 2020 at 12:52pm. Since the death of George Floyd in late May, riots have plagued major cities across the country. "Your client acknowledges that the riot that occurred on January 6, 2021, caused as of May 17, 2021, approximately $1,495,326.55 damage to the United States Capitol," said a plea agreement signed by defendant . Riot police march as they try to disperse protesters in Portland, Oregon on November 4, 2020, during a demonstration called by the "Black Lives Matter" movement, a day after the US Presidential . Just over 8,390 manhours were worked by NCSHP officers covering the riots and protests, costing taxpayers $273,505. BLM activists were involved in 95 percent of the riots for which there is information about the perpetrators' affiliation. . PCS said insured losses from that event reached $775 million, or about $1.4 billion in 2020 dollars, according to the Insurance Information Institute. Mall May 30, 2020. . The damage to state-owned or leased buildings over the weekend cost $20,000 in materials and labor just to board up and secure the buildings, said Caleb Buhs, a spokesman for the Department of . "We took one step forward and now we have taken ten steps backward," Jahangiri said . A $1.9 billion security funding bill passed by the House included $40 million for . Axios, Sept. 16, 2020, Exclusive: $1 billion-plus riot . Officials also said their overall response led to $2.57 million in overtime costs for the . 2020 Riot Damage to Exceed $1 Billion, Setting New Record for Most Expensive Civil Unrest . Anything over $25 million receives a "catastrophe" label: The vandalism, looting, and damage caused could cost insurance companies up to $2 billion. The Capitol riot was VERY BAD, and everyone condemns it. Lincoln Mall damage, May 31, 2020 Take a walk along Lincoln Mall on May 31 in the aftermath of rioting that caused nearly $3 million in estimated damages to buildings and prope… $40,000 for the fire . The 1992 riots, which followed the acquittal of four police officers in the beating of Rodney King, cost $1.4 billion in 2020 dollars, according to the report, which did not give a specific damage . . "Mostly peaceful" protests and riots that have been going on over the past few months have now caused $1-2 billion worth of damage. Summer riots and looting have cost upwards of $1 billion in damages . Rioting in Los Angeles in August 1965 — the second costliest civil disorder — caused $357 million in damages, measured in 2020 dollars. The costs have amounted to the costliest period of civil unrest in insurance . 2020 4:06 PM ET. GRAND RAPIDS, Mich. (WOOD) — Grand Rapids has updated preliminary estimates for what the downtown riot on May 30 and 31 cost the city, now putting the total . The figure exceeds the estimated $77 million in damages in today's dollars that occurred during the April 1968 riots sparked by the assassination of the Rev. 10, 2020, 7:52 p.m. . Rioters burned down an active precinct with cops initially in it, set up a literal city-state, and killed 34 people. Together, riots in Baltimore, Chicago and New York City . 1. The 1992 riots, which followed the acquittal of four police officers in the beating of Rodney King, cost $1.4 billion in 2020 dollars, according to the report, which did not give a specific damage . . riot damage store shutterstock_1747212029. $1-2 billion damages (May 26-June 8, 2020) [7] An ongoing wave of civil unrest in the United States, triggered by the murder of George Floyd during his arrest by Minneapolis police officers on May 25, 2020, has led to riots and peaceful protests against systemic racism towards African Americans in the United States, [8] [9 . 1. Riots rocked Portland, Oregon throughout 2020 and have continued in 2021. But alongside the protests came riots — at a great cost to some Black-owned businesses. . "This will be a bigger event than the LA . Exclusive: $1 billion-plus riot damage is most expensive in insurance history. By . In the nation's capital, costs from the protests have risen past $14.5 million. . WASHINGTON, D.C. In 2020, the George Floyd protests became the first civil disorder catastrophe event to exceed $1 billion in losses to the insurance industry. By comparison, the 1992 Los Angeles riots cost insurers $775 million (or $1.4 billion in today's dollars), and the 1980 Miami riot cost $65 million ($204 million today). From the beginning, it was obvious . The Downtown Clevleand Alliance estimated that the cost of damage dealt on May 30 cost those businesses more than six million dollars. — Tom Hauser (@thauserkstp) May 30, 2020 Now, a new assessment first reported by Axios shows the financial cost of the rioting is on its way to at least $2 billion, making it the most expensive . Taxpayers On The Hook For Damage To State Buildings That Could Cost Hundreds Of Thousands Of Dollars. Additionally, $31,189 was spent on gas for NCSHP vehicles. . The costs of the Capitol attack, however, go well beyond the $1.5 million estimate prosecutors cited this week. 1 min read. Many windows were shattered at the business during Friday night's George Floyd protests. 2020, following protests against the death of George Floyd, who died May 25 after he was . . Insurance . But the double standard for those who participated in the 2020 riots boggles . . Total costs for the May 30 event were about $213,739, while costs for the June 5 event were about $105,275, bringing the total for the city to about $319,014, said Gregg Schildberger, a city . One study of the 1992 Los Angeles riots concluded that not only did the destruction cause $1 billion in initial property damage, over time it led to an economic decline of $3.8 billion in sales activity and at least $125 million in tax revenue.. Why it matters: The protests that took place in 140 U.S. cities this spring were mostly peaceful, but the arson, vandalism and looting that did occur will result in at least $1 billion to $2 billion of paid insurance claims — eclipsing the record set in Los Angeles in 1992 after the acquittal of the police officers who brutalized Rodney King. Property damage. found that their policy only covers a fraction of the cost of demolishing structures damaged beyond . In fact, it has exceeded $2 billion so far and could still go higher. . The origins of the riots were traced back to the landfall of Hurricane Velma during October 2019. Stacey . The 1992 Los Angeles riots cost the insurance industry alone $775 million at the time, or around $1.4 billion adjusted for inflation. By CBS4 Political Specialist Shaun Boyd June 1, 2020 at 11 . 2020 4:06 PM ET. Public cost includes seven police vehicles set on fire. That makes the last week of May and the first week of June 2020 the most expensive period of civil unrest in U.S. history. The following chart identifies PCS's 13 largest "catastrophes" (damage claims exceeding $25 million), including current estimates of the costs of the riots in several cities in 20 states following . Damage From Riots Across US Will Cost at Least $1 Billion in Claims. GRAND RAPIDS, MI -- The latest rough estimate for damage and costs linked to the May 30 riot in Grand Rapids is about $2.4 million. While some peaceful protesters advocated for justice in the wake of George Floyd's death, violent agitators escalated dozens of these protests into violent riots, doing more than $23 million in damage to businesses in downtown Portland. A photo of the Grand Rapids riots on May 30, 2020. But alongside the protests came riots — at a great cost to some Black-owned businesses. . The report found that the damage caused by demonstrations from May 28 to June 8 cost insurance agencies anywhere from $1 to $2 billion—more than any other event of civil unrest in United States . A breakdown of the data from NCSHP by protest location shows that between manhours and gas usage, protests in nine locations around the state cost a total of $304,695. 700 houses burnt to the ground, total damage cost at $3.1 billion (2020 USD ) The 2019-2020 Mexico riots were a series of riots of citizen commotions that occurred during December 2019 and January 2020 in western and central Mexico. Death Protests, Riots. The original $1 billion in property damage was eclipsed by a nearly $4 billion . $550 million in Minneapolis-Saint Paul (May 26-June 6, 2020) [5] $1-2 billion in insured damages in the United States (May 26-June 8, 2020) [6] The George Floyd protests were a series of protests and civil unrest against police brutality and racism that began in Minneapolis, Minnesota on May 26, 2020, and largely took . In a 2004 paper, economists William J. Collins and Robert A. Margo noted that: Between 1964 and 1971, hundreds of riots erupted in American cities, resulting in large numbers of injuries, deaths, and arrests, as . Axios published this visual: Property Claim Services (PCS) tracks insurance claims. Suffice it to say this astronomical cost far exceeds the estimated $1.5 million of damage done in the Capitol riot. BREAKING: Insurance Information Institute says Summer 2020 riots caused over $2 billion in damage across 20 states . The report from Richmond fire shows that protest-related fires cost the city more than $2.9 million in damage. — Wilfred Reilly (@wil_da_beast630) January 8, 2021 Of the estimated $483 million that it will cost to fund the ongoing National Guard deployment, $284 million will fund personnel and another $199 million will go toward operations, Kirby told . Topline. June 3, 2020. Federal prosecutors are reportedly seeking to have all 505 rioters charged in the January insurrection pay restitution to help cover the estimated $1,495,326.55 in damage they caused to the Capitol. TRENDING. The average loss to the insurance industry from riot and civil disorder catastrophes over those 70 years was only around $90 million. As I've previously summarized, ample research confirms this:. Published: Jun. Stacey . . DENVER (CBS4) - The City of Denver says $1,034,782 in damage was done during recent protests downtown. Prior to 2020, the costliest civil disorder event in U.S. was the 1992 Los Angeles riots, according to PCS, the insurance industry's primary source for compiling and reporting insured losses . The damage from riots and looting across the U.S. following the death of George Floyd is estimated to be the costliest in insurance history - between $1 billion and $2 billion. but rioters took advantage of the momentum to damage local businesses. He said those riots cost almost $5 billion in economic activity measured in lost sales over 10 years. Insurance underwriters are taking riots and damage into account when choosing whether or not to renew some policies. About half of small businesses in the U.S. aren't insured. The city of Minneapolis has tallied at least $55 million in property damage and looting stemming from the protests demanding justice for Geoge Floyd. Damage From Riots Across US Will Cost at Least $1 Billion in Claims. Sitting at home on July 30, 2020, the Deiningers received a text from a good friend around midnight. TRENDING. "However, with a total City budget of $5.6 billion (approved by City Council on June 17, 2020), these costs represent approximately 1/800th of our overall funding." Damage due to rioting, unrest in Kenosha tops $50 million; 2,000 Guard assisted here . In 2020 dollar terms that would have been a roughly $1.42 billion insurance market loss. Moreover, a 2005 study examining similar riots in the 1960s found 'negative . The largest riot-related insurance losses came after the 1992 Los Angeles riots, according to the Insurance Information Institute, an industry-funded consumer education association.