A Riot Is Now a Reinsurance Peril. France Is the Test Case for the 2027 Treaties.

One weekend produced a loss estimate above the whole week of riots in 2023, before a single claim has been tallied by the industry.

On 19 October Morningstar DBRS said insured losses from the riots of 17 and 18 October should remain below 1 to 1.2 billion euros, assuming no further violence¹¹. It called the event a manageable earnings event rather than a capital event for France's major insurers, after reinsurance recoveries and potential claims against the state¹¹. Its full commentary on 20 October kept the ceiling at 1.2 billion euros and set the benchmark beside it¹. France Assureurs ultimately estimated the June 2023 riots at 730 million euros from about 15,600 claims, with commercial property around 65% of the insured cost and municipal property another 27%¹. The Senate inquiry later recorded the final 2023 count at 793 million euros across 16,400 claims, as of France Assureurs' estimate of 27 March 2024³. It put total property damage at around 1 billion euros, because some losses were never declared and others were only partly covered³.

The physical count already exceeds 2023. The government's tally of shops damaged or looted reached at least 3,000 on 20 October, twice the figure reported a day earlier, against around 2,500 businesses CCI France counted in 2023⁴. Authorities reported almost 2,400 arrests over the weekend¹². Alexandre Bompard, president of the Retail and Trade Federation, said the cost to the establishments will run to several hundreds of millions of euros¹¹. Marcos Alvarez of Morningstar told the Financial Times that losses outstripped 2023's because the violence was very intense and widespread, and because inflation had driven up the cost of damage⁶. Brokers told the paper losses could breach 1 billion euros⁶.

The insured figure will be smaller than the economic one. Morningstar notes that third-party-only motor policies pay nothing for the insured vehicle, looting and theft may be excluded or sublimited, and glass often carries separate deductibles¹. Business interruption is generally optional and needs insured physical damage to trigger, so economic losses are likely to exceed insured losses by several multiples¹. The 2023 precedent says the industry count moves up for months: 11,300 claims and 650 million euros ten days in¹⁴, 15,600 claims and 730 million euros two months in¹⁵, 16,400 claims and 793 million euros by the following March³.

The problem for a treaty is not the size of any claim but thousands of correlated claims across cities on one night, which is the shape of a catastrophe.

Morningstar's argument, first made in July 2023 and repeated this week, is that riots and civil commotion increasingly exhibit the characteristics of catastrophe risk¹. The concern is the aggregation of thousands of correlated claims across commercial property, motor, government property and business interruption portfolios when unrest spreads across several cities at once¹. It points to the United States, Chile and South Africa, where single episodes generated insured losses exceeding 2 billion dollars, and concludes that civil commotion can no longer be treated as an incidental property peril, particularly in France¹.

The 2023 count shows where the money lands. Two months after the riots, France Assureurs recorded 15,600 claims¹⁵. Business property was 41% of claims but 65% of the cost, and local authorities 4% of claims but 27% of the cost¹⁵. Vehicles were 46% of claims but 6% of the cost, and other private property 9% of claims and 2% of the cost¹⁵. The loss is concentrated in a few thousand commercial and municipal buildings, which is the profile of a storm, not of a burglary wave. The Senate inquiry counted 672 communes in 95 departments, 2,508 buildings burned or damaged, and 12,031 vehicles torched³.

The global record has moved the same way. Swiss Re has reported a 3000% increase in SRCC claims worldwide from 2000 to 2020, and says it has gone from a couple of dozen SRCC claims a year in the early 2000s to a couple of hundred^16,17. Howden Re, cited by Bloomberg, estimates that insured SRCC losses rose from negligible levels in 2013 to more than 8 billion dollars between 2020 and 2024¹⁷. Lloyd's of London gave SRCC its own risk code in 2024, and Verisk released its first SRCC catastrophe model in 2025, for the US¹⁷. On Verisk Maplecroft's first-quarter 2026 ranking of SRCC risk, which weighs both the chance of unrest and the cost of replacing damaged property, the United States sits fifth overall and France seventh¹⁷. In December Verisk Maplecroft said 2026 would be more disruptive for political violence insurers than 2025, with Europe and the Americas the only regions without major cities at low risk¹⁸.

In South Africa, Chile, the United States and New Caledonia, one bout of unrest exhausted a state insurer, a market or a territory's capacity, and each time the fix was public money.

South Africa, July 2021. The state-owned special risks insurer Sasria received 14,051 claims valued at 32 billion rand from the unrest in KwaZulu-Natal and Gauteng, 80% of them from KwaZulu-Natal, against a balance sheet of 10 billion rand at the start of that year¹⁹. The insurer had been designed to handle events up to about 17 billion rand and had handled an average of 3,000 claims a year before 2021²⁰. National Treasury injected 22 billion rand to restore its solvency, and premiums rose 48% to 4.5 billion rand²¹. By July 2025 Sasria had built a 20 billion rand buffer, about 1.1 billion dollars, had signed 15 new reinsurers after peaceful elections, and was preparing to double the cover a single client can buy to 1 billion rand²².

Chile, October 2019. Unofficial estimates reported by Clyde & Co in March 2020 put market losses from the unrest at some 3 billion dollars from just 5,000 claims²³. The 2010 earthquake, by comparison, produced about 220,000 claims worth around 6.8 billion dollars²³. Around 25,000 businesses were affected, almost 10,000 of them small and medium enterprises, many without cover for such events, because the standard Chilean policy covers fire and only exceptionally extends to strikes, public disorder and looting²³. Allianz's political violence team recorded 370 million dollars of damage to Santiago metro stations alone, Walmart's losses at about 500 million dollars, and a market expectation of up to 4 billion dollars in property claims²⁴.

United States, May to June 2020. Property Claim Services designated the unrest that followed George Floyd's death a multi-state catastrophe, the first civil disorder it had so classified since 1992, with claims of at least 1 billion to 2 billion dollars across 140 cities between 26 May and 8 June²⁵. The previous record was 775 million dollars from the 1992 Los Angeles riots, about 1.4 billion dollars in 2020 money²⁶. Swiss Re's own tally of recent riots lists the US 2020 event at 2 billion dollars, South Africa 2021 at 37 billion rand and France 2023 at 730 million euros¹⁶.

New Caledonia, May 2024. The unrest generated about 1 billion euros in insured losses in a territory served by a few insurers, and showed how far riot risk can concentrate in one place¹. The industry count was 3,480 claims for 942 million euros²⁷. The insurers on the ground reduced their riot cover afterwards; the territory's chamber of commerce says the withdrawal of the riot guarantee left some companies unable to insure at all and business premiums up by more than 30% in 2026²⁸. It was this episode, as much as 2023, that pushed the French government to a public scheme¹.

The common thread is that none of these was priced as an accumulation before it happened. Sasria's then managing director said the insurer first thought July 2021 was one of those riots and only later realised the claims would consume its reserves¹⁹. Allianz's head of political violence said the standalone SRCC market used to be a very niche, small class of business until a number of big events hit the industry pretty badly and sobered up the market¹⁷.

Cover exists for most shops, but it has been shrinking since the yellow vests, and the state's share depends on whether a court calls the looters a crowd or a gang.

Article L.121-8 of the insurance code excludes riot and civil commotion damage unless the contract says otherwise, so the cover exists only by extension, and business interruption only where the policy provides it⁵. France Assureurs says most policies for shops and buildings include riot and civil commotion cover, which usually pays for fire, theft, vandalism and smashed shopfronts and tends to cover the boarding-up and guards a gutted store needs afterwards⁴. Comprehensive motor policies generally cover fire and vandalism to the vehicle; third-party-only policies do not¹.

The extension has narrowed. Since the yellow vest protests of 2018, some insurers have introduced SRCC exclusions, pushing enterprises to buy a separate policy, while others have kept the cover but capped payouts with sublimits, according to Clyde & Co insurance lawyer David Méheut⁶. The government's own statement in support of the new scheme said reinsurers and insurers had hardened the conditions for this risk across the territory and had withdrawn their guarantees in the zones they judge most exposed³². The Senate inquiry found that after 2023 some communes received letters changing or cancelling their contracts, with one facing a deductible of two million euros, and that claims took 82 days on average from declaration to payment³³.

The state's share is contested. Under article L.211-10 of the internal security code the state is civilly liable, without fault, for damage from crimes committed by force or violence by gatherings⁵. Insurers who pay are subrogated and sue the state in their own name; the yellow vest judgments were almost all recourse actions by Axa, Assurances du Crédit Mutuel and Groupama⁵. The Conseil d'État ruled on 28 October 2022 that acts premeditated and organised by a structured group solely to commit them fall outside the article, which is the argument prefects now raise almost systematically⁵. The yellow vest cases were still being decided on appeal in March 2026, and a claim against the state lapses after four years⁵. Morningstar makes the same point: French case law distinguishes spontaneous collective disorder from organised violence, so how this weekend is characterised could materially affect what insurers recover, and business interruption can stay with insurers or policyholders either way¹. Interior minister Laurent Nuñez has said the violence was concerted, wording that may weigh on the judges⁸.

The immediate response is the 2023 playbook. France Assureurs announced on the evening of 19 October that the deadline to declare a claim rises to 30 days from the usual 5, and that insurers will ease advance payments in the hardest cases³⁴. From 20 October staff who cannot work go on state-paid partial unemployment, and a support fund is offered to damaged shops for cash flow³⁴. The chief executive of Axa, Thomas Buberl, told BFM television on 19 October that the state must fulfil its mandate on internal security rather than rely on insurers⁶.

Article 171 of the 2026 budget law builds a riot regime on the natural-catastrophe model, with the CCR and a state guarantee, but it starts only after Brussels rules.

Article 171 of the finance law of 19 February 2026 rewrites the exclusion into a guarantee. Every property and motor damage contract on assets in France, other than the state's, must cover the effects of riots, extended to business interruption where that cover exists⁷. A riot is defined as a collective action against public authority, expressing a protest or political or social demands, causing violence and significant economic damage⁷. It is declared by a riot qualification commission that weighs the number of participants, the extent of direct damage and the policing it required⁷. War, terrorism and cyber attacks are kept out and stay under their own regimes⁷.

The money runs through the CCR. A mutualisation fund takes the riot risk insurers choose to cede and pays at least 90% of the ceded damage in a year⁷; Groupama expects cession to work by zone rather than policy by policy²⁸. Insurers pay the fund a rate set by ministerial order per contract class and location, plus a solidarity contribution of up to 1.5% of net premiums on motor, private and non-agricultural business property and business interruption⁷. The state guarantees the fund up to the lower of ten times its projected annual receipts and 4 billion euros a year, and may advance it up to 1 billion euros in total⁷. It separately guarantees the CCR's own reinsurance of these risks up to a yearly ceiling indexed to inflation⁷. The CCR itself declined to comment on the technical details while the regime was being drawn up²⁸. Two clauses matter to reinsurers directly: any reinsurance treaty clause that excludes the ceded risk because of terms set by the central pricing bureau is void, and the state is no longer liable under L.211-10 for damage the new guarantee indemnifies^7,35.

None of it applies yet. The article enters into force on a date set by decree, no later than twelve months after the European Commission's decision that the scheme complies with state-aid law⁷. The Conseil constitutionnel cleared the finance law on 19 February 2026³⁶, after the Rassemblement National had asked it to strike the scheme as a budgetary rider³², but the decree has not been published⁸. Groupama's chief executive Thierry Martel, who is also a vice-president of France Assureurs, said in late March that the market imagined a start on 1 January 2027 and that it seemed difficult²⁸. He floated a surcharge of around 0.8% on all damage contracts, and said the rate changes profoundly depending on whether New Caledonia joins²⁸. Morningstar is explicit that the framework does not apply to the latest riots, which leaves insurers on their private reinsurance and on contentious recourse against the state¹.

SRCC was one of the two hardest covers to buy in January 2023 and was being given back by January 2026; this event arrives as the market is softening.

At the 1 January 2023 renewal, Gallagher Re reported that the two areas of most constraint were peak-zone US property catastrophe capacity and cover for strikes, riots and civil commotion and war, while most other lines could be bought at a higher cost³⁷. Howden Re said in 2023 that insurers were starting to charge significant additional premiums for SRCC cover, with retail assets among the most affected¹⁷. Chubb's deputy head of terrorism and political violence says property insurers, which long gave SRCC away at no extra cost, have begun excluding or restricting it¹⁷.

Three years later the market has turned. Howden Re's 1 January 2026 report found risk-adjusted global property catastrophe rates on line down 14.7% on average, accelerating from an 8% fall in 2025 and the largest reduction since 2014⁹. European programmes fell 10% to 20%, and France, Italy, Switzerland and the United Kingdom recorded the largest cuts, down 15% to 20%⁹. Guy Carpenter counted dedicated reinsurance capital up another 9% in 2025 and reinsurer return on equity near 17%³⁸. Reinsurers carried just 11% of global insured catastrophe losses against a 20% average before the 2023 reset, even with 2025 insured catastrophe losses at 121 billion dollars³⁸. Aon's January 2026 report records that market conditions enabled insurers to push back on restrictions and restore coverage lost in the hard market, namely around terrorism, riots and cyber¹⁰.

That is the setting in which French cedants will present this loss. Reinsurance News reports that SRCC remains a potential pressure point in renewal negotiations, particularly in a softening market where cedants may seek broader coverage on more favourable terms¹¹. It argues the peril should be priced explicitly within treaties rather than added at little or no cost¹¹. Howden Re's view from the 2026 renewal is that political violence and SRCC are no longer peripheral considerations and have moved into the core of underwriting and capital decisions³⁹. Morningstar expects repeated episodes to maintain pressure on SRCC pricing, limits, deductibles and underwriting¹. The open question for the 2027 round is whether a reinsurer whose French property programme has just taken a riot loss inside its catastrophe cover can hold an explicit SRCC event definition and sublimit. The cedant across the table, in a market down 15% to 20%, has alternatives⁹.

SRCC is still small beside property catastrophe, French insurers can absorb this one in earnings, and the state scheme will socialise the next one; the reply is that each of those is true and none of them removes the accumulation.

The strongest case against treating riots as a reinsurance peril is scale. Howden Re's estimate of more than 8 billion dollars of insured SRCC losses over the five years to 2024¹⁷ is a fraction of the 121 billion dollars of insured catastrophe losses Guy Carpenter counts in 2025 alone³⁸. Howden Re notes that global insured catastrophe losses have exceeded 100 billion dollars in every year of this decade³⁹. Retentions matter too: Aon records that attachment points raised sharply in the 2023 renewals were largely unchanged at 1 January 2026¹⁰, so a loss spread across many insurers may stay below the treaties and never reach a reinsurer at all. Morningstar's own view is that this event is an earnings loss, not a capital event, and is unlikely by itself to affect the credit profiles of the major French insurers¹. The Senate inquiry concluded that the 2023 riots, for all the financial and moral harm to the businesses hit, had no major effect on the French economy, and that tourism was not affected beyond measure³. The state has already decided to mutualise: once the CCR fund is running, at least 90% of ceded riot damage moves to a public backstop⁷. That is what Alvarez means when he says the scheme will spread the cost across everyone⁶. On this reading the right response is to wait for the decree, not to reprice treaties.

The reply is that the accumulation does not go away because it is small on average. SRCC losses swing between years, and Verisk Maplecroft says the probability that a single event produces more than 5 billion dollars of losses can no longer be ignored, with SRCC loss risk in some areas possibly exceeding that from natural catastrophes¹⁷. The scheme is voluntary on the ceding side and zonal, so an insurer may keep the risk where it judges the fund's price too high, and the fund's floor is 90% of what is ceded, not of what is lost⁷. The state guarantee is capped at 4 billion euros a year⁷; New Caledonia alone cost about 1 billion euros¹. And the scheme protects nothing until the Commission rules and a decree follows⁷, which Groupama's chief executive doubted would happen by 1 January 2027²⁸. A reinsurer writing the 2027 year is therefore pricing at least one more year on the old system, and possibly two.

The insured bill most likely lands inside Morningstar's range, the scheme most likely misses the 2027 renewal, and SRCC most likely gets its own event wording in European treaties without getting its own price.

On the loss, medium confidence that the final insured figure sits between the 2023 count and Morningstar's ceiling. The physical count already exceeds 2023 on shops⁴, and inflation has raised the cost of every repair since then⁶. Against that, the 2023 count rose by about a fifth over nine months as declarations and expertise came in^14,3, and the ceiling rests on the assumption of no further widespread riots¹. More protests are planned for the weekend⁴⁰; Proto Thema reports yellow vest-linked accounts calling for Saturday 24 October and strikes planned for 5 November⁴¹. A second weekend on the scale of the first would take the figure above the range; the curfews that held on the night of 19 October are the evidence that it may not come⁴⁰.

On the scheme, medium confidence that it is not in force for the January 2027 treaties. Entry into force is tied to a Commission decision and a decree⁷, and the decree is unpublished⁸. One of the most engaged insurers called a 1 January 2027 start difficult six months ago, and the surcharge rate, the commission's composition and New Caledonia's participation were all open in April²⁸. This weekend raises the political price of delay, which is the main reason to hold the probability near even rather than lower.

On the renewal, medium confidence on direction and low on form. Reinsurers have the argument, since the event is the correlated multi-city loss Morningstar described¹, and SRCC was already a named pressure point in negotiations¹¹. Cedants have the market, with French programmes down 15% to 20% and capital up^9,38. We expect the compromise to be wording rather than price. That means explicit SRCC event definitions and hours clauses (the window within which damage counts as one event), and sublimits inside catastrophe covers on French and European property treaties. Cedants that want more will buy it back at a higher price, rather than see a separately rated SRCC layer across the market. Where we diverge from the trade press is on who pays. An insurer that cannot show its reinsurer a mapped accumulation of unrest exposure by city will pay for that gap in terms, whatever happens to the headline rate.

• What would move us toward a standalone SRCC price: a France Assureurs tally above 1.2 billion euros, a second weekend of comparable damage before year end, or an insured loss from another European capital in the same quarter.
• What would move us away: a Commission decision before December with a decree promising a 1 January 2027 start, or a France Assureurs tally under 800 million euros that reads as a 2023 repeat.
• What would make the loss call wrong: a court characterisation of 17 October as organised violence that cuts state recourse to nothing, which would raise insurers' net loss without changing the gross figure.

Reinsurers should write the SRCC wording now, cedants should map the accumulation before they are asked, and property owners should read their sublimits before the next Saturday.

The calls below test the loss, the scheme and the treaty wording on dates that fall before and just after the January 2027 renewal.

Confidence on the mechanism is high: the aggregation of riot claims is documented in the 2023 count¹⁵, in Sasria's near-insolvency¹⁹ and in the PCS designation of 2020²⁵, and Morningstar's ceiling is explicit about its assumption¹. Confidence on the horizon is medium: the French count takes months to settle³, the Commission's timetable is not published, and renewal reports describe terms in general language that may not name SRCC.

Analyst assessment. Each call is scored once its date passes.

• France Assureurs press releases at franceassureurs.fr, which in 2023 came ten days, two months and nine months after the riots^14,15,3.
• The interior ministry's arrest and damage counts after each announced protest day, reported the same evening by Reuters and AFP; more protests are planned for the coming weekend⁴⁰.
• The European Commission's state-aid register for a decision on the French notification, and the Journal officiel for the decree under article 171⁷.
• The 1 January 2027 renewal reports from Gallagher Re, Guy Carpenter, Aon and Howden Re, published in the first fortnight of January, read for any SRCC or political violence line^9,38,10.
• Any prefectoral refusal of an L.211-10 claim citing organised violence, which would signal the state's position on recourse⁵.
• Morningstar DBRS's sovereign commentary ahead of the 2027 budget, since social pressure on the budget is the fiscal channel it names⁴².

A school strike on 21 September became a national riot on 17 October, and the dates that follow belong to insurers, Brussels and the treaty market.

French government

Sébastien Lecornu

Prime Minister

Gave the first arrest count of 1,200 on the evening of 17 October and blamed the ultra-left¹³; ordered localised curfews and ruled out a blanket one in Paris but not a state of emergency⁴⁷. Said the targeted curfews contributed to the calm of 19 October and may be extended⁴⁰.

What to watch

• Whether curfews hold through the weekend protests⁴⁰
• Any new text on reconstruction aid like the law of 25 July 2023⁵

French government

Laurent Nuñez

Interior Minister

Raised the count to 1,800 on 18 October and said the march had been hijacked by opportunistic delinquents⁴⁶; conceded police had lost control in some cities⁴⁸; offered to resign and was refused⁴⁷. His description of the violence as concerted could weigh on state recourse⁸.

What to watch

• Arrest and damage counts after each protest day¹²
• Prefects' first L.211-10 decisions⁵

French government

Serge Papin

Minister for Small and Medium-sized Enterprises, Trade and Purchasing Power

Gave the preliminary estimate of at least 3,000 damaged businesses⁶ and promised that Bercy was mobilised for the shopkeepers hit⁴⁹. The support fund and the partial unemployment scheme for affected staff run through his ministry and the economy ministry³⁴.

What to watch

• The size and terms of the support fund³⁴
• A revised business count⁴

Insurers

Thomas Buberl

Chief executive of Axa

Told BFM television on 19 October that the state must fulfil its mandate on internal security and that there should not be a second or third weekend like this⁶. Axa was among the insurers whose recourse actions against the state after the yellow vests reached the appeal courts⁵.

What to watch

• Any Axa disclosure of a riot loss estimate or reinsurance recovery
• Axa's position on the fund's surcharge rate²⁸

FLInsurers

Florence Lustman

President of France Assureurs

Signed the 2023 tallies that moved from 650 million euros ten days in to 730 million euros two months in^14,15. Her federation extended the claim deadline to 30 days on 19 October³⁴, and its first estimate for this event is the number the market is waiting for.

What to watch

• The first France Assureurs loss estimate¹⁴
• The federation's stance on the fund's rate²⁸

MARating agency

Marcos Alvarez

Global Head of Insurance, Morningstar DBRS

Set the 1 to 1.2 billion euro ceiling and the earnings-not-capital verdict¹¹; made the same catastrophe argument in July 2023, when he expected losses to stay well below 1 billion euros². Told the FT an event costing hundreds of millions is now expected each year⁶.

What to watch

• Any revision of the ceiling after a second weekend¹
• Rating actions on French insurers, which he does not expect from this event alone¹

Portraits after photographs. Laurent Nuñez: Arthur Empereur, via Wikimedia Commons, CC BY-SA 4.0; Serge Papin: Bogdan Hoyaux / European Union, 2025 / EC - Audiovisual Service, via Wikimedia Commons, CC BY 4.0; Thomas Buberl: World Economic Forum, via Wikimedia Commons, CC BY 3.0.

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2. Social Unrest in France Will Add to Ongoing Concerns in the Strike, Riot, and Civil Commotion Insurance Market. Morningstar DBRS, July 4, 2023
3. Emeutes de 2023 : un coût « colossal » estimé à un milliard d'euros, selon le rapport du Sénat. Public Sénat, April 11, 2024
4. France's riot damage doubles: Who will pay for thousands of wrecked shops? Euronews, October 20, 2026
5. « Les casseurs ne paient pas » : qui va régler la facture des violences du 17 octobre ? Le Point, October 18, 2026
6. Insurers face losses as riots in France become 'like natural catastrophes'. Financial Times, October 20, 2026
7. LOI n° 2026-103 du 19 février 2026 de finances pour 2026, article 171. Légifrance, February 20, 2026
8. Émeutes du 17 octobre : que paie l'assurance ? Le Revenu, October 19, 2026
9. 2026 renewal sees sharpest decline in risk-adjusted global property rates since 2014: Howden. Reinsurance News, January 2, 2026
10. Reinsurance Market Dynamics, January 2026. Aon, December 31, 2025
11. France riots put SRCC accumulation risk in focus for re/insurers: Morningstar DBRS. Reinsurance News, October 19, 2026
12. France: Some 2,400 arrested after looting, arson during protests. DW, October 18, 2026
13. Mass protests in France spiral into worst riots in years. Reuters, October 17, 2026
14. Le coût des dommages déclarés à la suite des violences urbaines de fin juin est déjà plus de trois fois supérieur à celui des sinistres occasionnés par les quatre semaines d'émeutes de l'automne 2005. France Assureurs, July 11, 2023
15. Le coût des sinistres déclarés à la suite des violences urbaines de fin juin est réévalué à 730 millions d'euros. France Assureurs, September 6, 2023
16. Swiss Re: Frequency and Severity of Strikes, Riots and Civil Commotion Losses on the Rise. Claims Journal, June 6, 2024
17. World's Growing Civil Unrest Has an Insurance Sting. Insurance Journal (Bloomberg), February 17, 2026
18. Civil unrest risks set to intensify in 2026, Verisk Maplecroft warns. Global Reinsurance, December 10, 2025
19. State-insurer Sasria receives R32bn in claims relating to July unrest. Mail & Guardian, November 16, 2021
20. 97% of claims settled: Sasria pays out over R32bn in wake of 2021 riots. Moonstone, July 10, 2023
21. Sasria's balance sheet finally recovers after the July 2021 unrest shock. City Press (News24), October 10, 2023
22. South African State Insurer Builds $1.1 Billion Riot Buffer. Insurance Journal (Bloomberg), July 30, 2025
23. Social unrest in Chile and its effects in the insurance market. Clyde & Co via Lexology, March 5, 2020
24. Disruption caused by civil unrest. Allianz Commercial (AGCS), December 1, 2019
25. Exclusive: $1 billion-plus riot damage is most expensive in insurance history. Axios, September 16, 2020
26. Insured Losses Due to Civil Unrest Seen Nearing 1992 Levels. Insurance Information Institute, July 24, 2020
27. Après chaque émeute, les mêmes questions sans réponse. L'Assurance en mouvement, June 1, 2026
28. Emeutes : le nouveau régime de garantie obligatoire se dessine avec l'enjeu central de son application en Nouvelle-Calédonie. L'Argus de l'assurance, April 16, 2026
29. France’s riot losses put insurance cover and state recovery in focus. Insurance Business, October 19, 2026
30. SASRIA Annual Report; Municipal Fiscal Powers and Functions Amendment Bill (committee meeting). Parliamentary Monitoring Group, October 10, 2023
31. Emeutes: la facture totale s'élève à plus de 730 millions d'euros pour les assureurs. RMC, September 7, 2023
32. Budget 2026 : le RN demande la censure du nouveau régime d'assurance protégeant les collectivités lors d'émeutes. Maire-Info, February 5, 2026
33. Émeutes de juin 2023 : comprendre, évaluer, réagir (rapport de la commission d'enquête). Sénat, April 10, 2024
34. Après les violences urbaines du 17 octobre, assureurs et Etat se disputent le partage des responsabilités. Le Monde, October 20, 2026
35. PLF 2026 : cet amendement gouvernemental sur l'indemnisation des dommages causés par les émeutes qui fait débat. Le Moniteur, January 6, 2026
36. Loi de finances 2026 : instauration d'une nouvelle garantie émeutes obligatoire. Roederer, May 27, 2026
37. Gallagher Re 1st View: Market Turns (1 January 2023 renewal). ICMIF, citing Gallagher Re, January 5, 2023
38. Accelerated softening across many lines at Jan 1 renewals as reinsurer capital grows: Guy Carpenter. Reinsurance News, December 29, 2025
39. Political Violence, SRCC and Geopolitical Risk: Howden Re's view from the 1.1 renewal. Howden Re, January 12, 2026
40. Curfews help calm France but more protests planned. Reuters, October 20, 2026
41. France fears fresh wave of unrest despite tough security measures as riot damage bill nears €1.2 billion. Proto Thema, October 20, 2026
42. Unrest in France underlines cat-like risks of riots and civil commotion: Morningstar DBRS. Reinsurance News, October 20, 2026
43. Unprecedented student protests are rocking France. Here's what to know. CNN, October 6, 2026
44. French high school protests spread, hundreds of arrests amid unrest. Le Monde, October 2, 2026
45. France promises 3,000 extra teachers in bid to calm student protests. BBC News, October 9, 2026
46. Buildings set ablaze and more than 1,800 arrested as protests across France turn violent. The Guardian, October 18, 2026
47. France imposes curfews in parts of Paris, other cities after weekend of riots. Reuters, October 19, 2026
48. France imposes partial curfews in several cities, including parts of Paris. The Guardian, October 19, 2026
49. Mobilisation du 17 octobre : assureurs, régions, casseurs... qui va payer la lourde facture des dégâts ? CNews, October 18, 2026