We are not exactly stunned by this one. What insurance company is going to want to issue a policy in a city where riots are simply a part of everyday life now? Business owners’ concerns are not being addressed and prosecutors cannot even bring cases against the people who are responsible for the destruction.
No insurer with half a brain is going to want to fund this destruction and go broke in the process. MSN has the report and it is a grim one for anyone who was expecting the insurance companies to bear the brunt of these damages.
“Commercial insurance premiums were rising even before the coronavirus, while coverage was decreasing. The pandemic exacerbated those trends. Premiums for commercial property and casualty insurance increased by an average of almost 11% in the second quarter of 2020”, according to the Council of Insurance Agents & Brokers.
But brokers say insurance companies have become particularly wary about covering Portland businesses, especially those downtown, as ongoing protests have given the city a reputation for upheaval and led to a spike in vandalism and destruction, often committed by a small group of people. …” the report begins.
MSN was not done there, either. They knew that the liberals would not be able to live this down. That’s why they provided plenty of facts so that people would not be able to dispute the very real issues that are taking place.
They spoke with Jessica Getman. As the Brown & Brown Insurance Northwest president, she has a lot to say on the matter. They gave her ample chance to speak.
“Jessica Getman, president of Brown & Brown Insurance Northwest, said that some insurance carriers have placed moratoriums on issuing new commercial insurance policies or increasing coverage for existing customers in downtown Portland, creating a barrier for anyone trying to open a new business. She said it is not uncommon for carriers to place temporary pauses on issuing new policies in areas where there is a perceived increased risk, such as when there are wildfires nearby,” says MSN.
“While Getman said most insurance carriers aren’t walking away from existing customers in downtown Portland, she said owners who have had to file claims for property loss and damage this year could have a harder time renewing their policies or finding affordable options that offer property coverage. Business owners both in downtown and elsewhere in Portland where there have been instances of vandalism say they’ve run into this issue,” they continued.
This should be disconcerting to anyone who lives in these cities but the leftists are not worried. It’s all fun and games for them at the moment. Getman is here to drive the point home for anyone who is still struggling to get it.
“The civil unrest and riots that have occurred have put Portland on the map,” she said. “We’re talking about insurance carriers that not only have a footprint here in Oregon, but nationally, and many are based outside of Oregon. So, they are seeing all of this heightened awareness of crime and damaged buildings over the news. That has made carriers more sensitive.”
File this under the “thanks, Captain Obvious” category. No insurer is going to be able to stay in business if they align themselves with cities that have lots and lots of crime. Those who reside in Minneapolis are about to pay the piper themselves, as carjackings in that city have risen by over 500 percent over the course of the year.
Minneapolis and Portland are not going to be the only cities that experience these types of issues going forward. Insurers are going to have to be more careful about policies that are written for any urban location.
Even when police apprehend rioters, they are not prosecuted. If locations like these want to revitalize their economies and survive the 2020 downturn, they will need to take care of their jurisdictions. This is the only way to restore trust.