Insured losses from London riots could top $327M: ABI
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LONDON—The insurance loss estimate from the widespread rioting and looting across London this week has increased to more than £200 million ($327.8 million), according to the Assn. of British Insurers.
ABI's revised estimate of its Tuesday figure of £100 million ($163.9 million) came amid Prime Minister David Cameron's announcement that Riot (Damages) Act of 1886 police compensation schemes will operate as normal and extended the amount of time claims can be made under the scheme to the maximum of 42 days, the London-based insurance association said in a Thursday statement.
The rioting began Saturday evening in the Tottenham area of North London and spread to other areas of the city when violence broke out after a peaceful protest at the site of a fatal shooting of a local man by police last week.
Mr. Cameron in an emergency session of Parliament on Thursday promised to restore order and is considering implementing curfews, constricting the use of smartphones and social media sites, and placing more police officers on the street, according to news reports.
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