Riot Insurance

Within 4 days, the world public are served by current events of the riots that occurred in several regions in the UK, especially in London. Various issues and speculation was allegedly the cause of the riot from socioeconomic inequalities gap factor, the issue of race until the result of the impact of tightening state spending cuts that affected the pension fund. The riots has led some regions paralyzed and suffered severe damage, due to the riot was accompanied by looting stores that sell basic necessities.

Act of vandalism committed by the rioters and looters raises its own concerns for the UK economic conditions that are also experiencing economic pressures due to the impact of the threat of the credit crisis in Europe and the United States. Among practitioners in the field of UK insurance estimate that the impact rioting and looting have brought losses to reach 162 million dollars. Some things to be loss include the destruction of cars, houses and shops.

With so many buildings, homes and cars destroyed, the British insurance sector should be ready with a wave of the future insurance claims. The five largest insurance companies in the UK of which is Aviva Plc, Allianz SE, Axa SA, RSA Insurance Group PLC and Zurich Financial Services is expected to be busy to handle claims from customers. For the British public, filing a claim due to the riot situation is not a strange thing. The British government has set the type of filing this claim since the year 1886 that the location for the Riot (Damages) Act where the customer has a strong right to the filing insurance claims quickly.

Within 14 days from the occurrence of the riot, customers can take care of filing a claim through the insurance company to cooperate with the police as those who analyze the facts of damage. Condition is large enough claim also had occurred in 1985 which was in Tottenhm and Brixton the riot and looting also occurred due to racial conflict.

Opportunities increasing number of insurance claims is expected to occur following the widespread the riot that has now spread to areas of Birmingham, Bristol, Liverpool and Nottingham. British Prime Minister, David Cameron deeply regrets the occurrence of riots that have caused huge losses. But he was optimistic that little by little acts of vandalism occur at this time can be reduced. Today, the British parliament will call the government to discuss fastest solutions in dealing with the increasingly widespread the riot and military involvement opportunities will respond to assist the police in handling the riot.

Regulation Riot (Damages) Act which has been there since more than a century ago show progress in the UK financial sector which also have central bank (Bank of England) since 300 years ago. Completeness rules that will guarantee the consumer or user of insurance must provide comfort and certainty for the people whose assets are to be damaged by the riots in London and around it.