French Riots Damage 3,000 Shops; Insurers Lack Loss Estimates as CAC 40 Falls

At least 3,000 shops have been damaged in France's weekend riots, double the 1,500 counted a day earlier, yet insurers have no estimate of the cost. France Assureurs said members are "fully mobilised" but could not project losses or claims filed. Carrefour reported damage at 50 stores, 20 of them looted. Its CEO, Alexandre Bompard, put industry losses at several hundred million euros. The CAC 40 closed 1.1% lower, underperforming the Euro STOXX 600's 0.9% decline. Carrefour fell 2.2%, LVMH 1.8%, AXA 1.3% and SCOR 0.9%; Generali lost 2.3% and Unipol 3.2%. The French 10-year yield rose about eight basis points to 4.94%, widening the spread over German bunds to roughly 148 basis points. The 2023 riots caused €793 million in insured losses across about 17,000 claims, two-thirds of it on businesses, per France Assureurs; a Senate inquiry put total damage near €1 billion. A new riot insurance scheme, including a state-backed fund with guarantees up to €4 billion annually, awaits European Commission approval and an implementing decree.