G20 protests cost insurance companies EUR 12m

The violent demonstrations during the Group of 20 summit (G20) in Hamburg, Germany, cost insurance companies up to 12 million euros, the Bild newspaper reported on Tuesday.

The cost of the insured damage was estimated by The German Insurance Association.

The estimate includes damages to vehicles, residential buildings and shops, which were caused by protests during the G20 meeting. The damages to cars alone account for up to a third of the total sum.

There had been a series of destructive anti-globalization demonstrations accompanying the summit as leaders of the world's 20 major economies met in Hamburg on July 7 and 8. A number of cars were set ablaze and some shops were looted and destroyed.