Following the death of George Floyd, the world’s largest insurance companies spoke up in favor of Black Lives Matter. Even as they were paying out unprecedented claims due to the destruction caused by Black Lives Matter protesters and those seizing their mantle, the companies issued statements and coughed up donations to support the movement.
This summer’s unrest cost the industry more than a billion dollars in riot damage, the largest such loss in U.S. history. Those losses are now in danger of affecting employees’ pay, industry insiders said, but not their employers’ stance: As of February 18, Chubb was planning a panel with Black Lives Matter whose promotional materials included a pro-Black Panther documentary and an enjoinder to “stay woke,” according to emails reviewed by the Washington Free Beacon.
For insiders who have seen up close the costs of the riots, the move is unsettling. “It’s just one of many examples of corporate virtue-signaling,” one Chubb employee told the Free Beacon. “It certainly doesn’t represent the opinions and values of most people who work in the company. We’re not Google or Facebook.”
The insurance industry is not unique among corporate America: Walmart, Target, and other stalwarts of “woke capital” have issued statements indicating their support for the protests while their stores were ransacked by rioters. Because those companies had insurance, however, they didn’t have to pay for the looting. Their insurers did.
At first glance, the stance adopted by insurance giants might seem like a case of ideology trumping interests. Why would these corporations donate to a movement that had cost them billions, unless they had decided to put social justice over shareholders? – READ MORE
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