French riots may cost insurers up to €1.2 billion

Massive riots in France over the past weekend could cost insurance companies up to 1.2 billion euros, potentially making it one of the largest protest-related insurance events in the country's history, according to a Financial Times report citing Morningstar DBRS analysts. The estimated losses already exceed the 798 million euros paid out by insurers following the July 2023 riots, with analysts attributing the increase to the scale and intensity of the unrest as well as inflation. At least 3,000 businesses were damaged, including luxury boutiques like Louis Vuitton and Kenzo. Analyst Marcos Alvarez compared the riots to natural disasters, warning such costly events could now occur annually in France. Axa CEO Thomas Buberl urged the government to ensure internal security and prevent similar weekends from recurring.