Losses to French businesses from mass riots could top €1 billion, according to analysts at Morningstar DBRS cited by the Financial Times, infohub.kz reports.
Company analyst Marcos Alvarez likened the mass riots in France to natural disasters. According to the firm's estimates, insurers' losses from the events could reach €1.2 billion, making them one of the costliest episodes of mass protests ever for the country's insurance market.
According to a preliminary estimate by French Trade Minister Serge Papin, at least 3,000 businesses across the country were affected by the rioting. Among the shops looted and damaged were boutiques of luxury brands. Amid the unrest, some French entrepreneurs began preparing to defend their stores themselves. However, some shop owners are refusing armed protection, fearing for their lives and possible legal consequences.
In addition, amid mounting losses, French authorities are seeking EU approval to introduce mandatory property insurance against mass riots.
It was reported earlier that online platforms in France had begun mass-selling items stolen by looters during the riots.
Recall that in late September, France was swept by protests by high school students. Recently in Paris, spontaneous protests took place ahead of a major student demonstration, one of which ended in clashes with police and the use of tear gas. On October 19, the legendary Louvre museum, which houses many artistic and historical relics, was closed to visitors because of protests in the streets of Paris.
We also wrote that a curfew would be introduced in some French cities because of mass protests. The day before, it became known that 2,513 people had been detained during three days of unrest in the country.