The riots, which were sparked by the fatal shooting of a teenager by a police officer last Tuesday, have already caused more than €1 billion worth of damage, according to a French business association, MEDEF. Protesters have looted 200 stores and destroyed 300 bank branches and 250 smaller corner shops, a MEDEF spokesperson told CNN. The wave of unrest erupted after 17-year-old Nahel Merzouk was shot dead during a traffic stop in a Paris suburb.
Those claims are likely to total less than the €1 billion in estimated damages, according to DBRS Morningstar, a credit ratings agency, suggesting many firms will not be fully compensated for their losses. “We believe total insured losses for the French insurance industry should remain well below the €1 billion mark,” DBRS Morningstar said Tuesday, noting that the French government bears partial liability for some of the losses.