LONDON (Reuters) - Three nights of rioting in London and other British cities are likely to cost insurers "tens of millions of pounds," the Association of British Insurers (ABI) said on Tuesday.
"It is too early for us to have an accurate picture of total costs, especially business interruption costs, but insurers are working hard to deal with claims coming in which will give a sense of the level and cost of damage," Nick Starling, ABI director of general insurance, said in a statement.
London has been hit by three consecutive nights of riots, looting and arson by masked youths who wrecked shopping streets in parts of the capital. Violence spread to other British cities on Monday, and police are braced for further unrest.
Analysts said a repair bill in the tens of millions of pounds would be easily absorbed by the insurance industry, which paid out 900 million pounds ($1.47 billion) in December alone after freezing weather triggered a surge in claims.
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A council worker removes a destroyed vehicle, spray painted with the slogan "Welcome to Hackney" in Hackney, north London August 9, 2011 |
London has been hit by three consecutive nights of riots, looting and arson by masked youths who wrecked shopping streets in parts of the capital. Violence spread to other British cities on Monday, and police are braced for further unrest.
Analysts said a repair bill in the tens of millions of pounds would be easily absorbed by the insurance industry, which paid out 900 million pounds ($1.47 billion) in December alone after freezing weather triggered a surge in claims.
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