Damage Wrought by Riots in France to Cost Insurers $715Mln

PARIS (Sputnik) - The immense damage wrought by the riots in France, sparked by the killing of a teenager by a police officer in late June, will cost insurance companies 650 million euros ($715 million), the French federation of insurance companies France Assureurs said on Tuesday.

"Including last week's claims, the total cost of claims filed to date has more than doubled to 650 million euros," the France Assureurs said in a statement.

Insurance claims related to professional property loss amount to 55% of the total sum, while claims related to the property of local authorities reach 35%, according to the statement.

On June 27, Nahel Merzouk, a 17-year-old French of Moroccan and Algerian descent, was shot dead by the police officer for allegedly refusing to follows orders. The incident sparked mass nationwide protests that lasted for over a week. The French Interior Ministry said the protesting youth set on fire more than 12,000 cars, as well as about 500 city halls, police stations and other government buildings. More than 4,000 people were detained, a significant part of whom were minors. The economy ministry said over a 1,000 retail outlets, about 370 banks, 200 grocery stores and 436 tobacco shops were looted during the riots.