CNN ~ Just weeks after the end of massively disruptive rallies and strikes in France over pension reform, businesses across the country are now trying to cope with the impact of a week of riots. According to estimates provided by MEDEF, a French industry organization, the riots, which began when a policeman shot and killed a teenager the previous Tuesday, had already caused more than a billion euros (1.1 billion euros). dollars) of property damage. CNN was informed by a MEDEF spokeswoman that protesters destroyed 300 bank branches and 250 small local businesses in addition to looting 200 establishments. Nahel Merzouk, 17, was killed by a police officer during a traffic stop in the Paris suburbs, which sparked the wave of violence that followed. In the days that followed, protesters in cities across France took to the streets to express their outrage at the way the country’s marginalized populations are controlled and to raise questions about whether race played a role. or not a role in the death of Merzouk.
BFMTV, a CNN affiliate, said French President Emmanuel Macron said on Tuesday he believed the “peak” of violence had passed. Macron gave a speech to the mayors of 241 municipalities that have been engulfed in protests, and he offered their “full support”. During the turmoil that took place on June 30, 2023 in Nantes, located in the west of France, demonstrators broke the window of a store. During the turmoil that took place on June 30, 2023 in Nantes, located in the west of France, demonstrators broke the window of a store. Image courtesy of Sebastien Salom Gomis-AFP-Getty Images According to BFMTV, which cited Finance Minister Bruno Le Maire as a source, the French government is also investigating methods to help companies hardest hit by the riots. According to Le Maire, the government is considering eliminating or deferring payments to social security and taxes. Additionally, the number of days a business has to file an insurance claim would increase from five to thirty.
According to DBRS Morningstar, a credit rating agency, these claims are very likely to total less than the estimated damages of one billion euros, suggesting that many companies would not be fully reimbursed for their losses. “We believe total insured losses for the French insurance industry are likely to remain well below the €1 billion mark,” DBRS Morningstar said on Tuesday, noting that the French government has some obligation for some of the losses. “We believe total insured losses should remain well below the mark,” DBRS Morningstar added. According to a notice distributed by the government agency, “business interruption losses resulting from vandalism, looting and potential curfews are unlikely to be covered by the French state.”
