Latest News
Rise in labour and social upheavals to test business resilience – Allianz
News Highlight
Strikes, riots, and civil commotion racked up $12 billion of losses for businesses and institutions from just six major incidents in recent years. Insurance claims from South African riots in July 2021 cost $1.9 billion.
Anger over growing social inequality and high cost of living, foundering faith in governments and institutions, and increasingly polarised politics, together with a rise in activism and environmental concerns, are the main factors expected to fuel ongoing incidences of strikes, riots, and civil commotion (SRCC) around the world, according to a new report from insurer Allianz Global Corporate & Specialty (AGCS).
The heightened SRCC risk environment means businesses need to remain vigilant about the different threats such activity can pose, said AGCS. In addition to buildings or assets suffering costly material damage, operations can be severely disrupted, resulting in significant loss of income.
Strikes, riots, and civil commotion racked up $12 billion of losses for businesses and institutions from just six major incidents in recent years. Insurance claims from South African riots in July 2021 cost $1.9 billion.
Civil unrest risks rose in over 50% of countries between Q2 and Q3 2022, according to the Verisk Maplecroft Civil Unrest Index. Since 2017, more than 400 significant anti-government protests have erupted worldwide. “Political risks and violence” ranks top-three risks in Burundi, Madagascar, and Nigeria, and fourth in South Africa.
AGCS said businesses should evaluate best practices and policies around preparing office locations and employees for the impact of potential civil unrest.
Related News
Latest Blogs
- Why electricity privatization failed (2)
- How net metering can boost embedded power generation
- Adaora Umeoji and gender in Nigerian banking leadership
- Is protest an endangered human right of Nigerians?
- Issues in using price control in Nigeria
Most Popular News
- IFC, partners back Indorama in Nigeria with $1.25 billion for fertiliser export
- Univercells signs MoU with FG on biopharmaceutical development in Nigeria
- CBN increases capital requirements of banks, gives 24 months for compliance
- Ali Pate to deliver keynote speech at NDFF 2024 Conference
- CBN settles backlog of foreign exchange obligations
- Nasdaq Dubai welcomes $600m sukuk listing by Islamic Development Bank