Strikes, Riots & Protests Expected to Test Business Resilience
What’s in this report from Allianz Global Corporate & Specialty:
Anger over growing social inequity and the rising cost of living, foundering faith in institutions and a rise in activism and environmental concerns will fuel ongoing strikes, riots and civil commotion around the world, according to a new report from insurer Allianz Global Corporate & Specialty (ACGS).
This elevated risk landscape means that businesses should remain vigilant about the broad array of threats, including material damage and disrupted operations.
“Incidents of strikes, riots and civil commotion have not only increased in recent years, they are also becoming more intense and catastrophic. These types of events are making our era one of uncertainty,” said Srdjan Todorovic, head of political violence and hostile environment solutions at AGCS. “We have seen multibillion-dollar loss events in the U.S., Chile and Colombia. The threat is changing, and although many of the reasons for it are universal — whether economic, political or environmental — it can play out differently in different regions, with various levels of violence and disruption. Operational and security management within organizations should view the current climate as a catalyst for evaluating best practices and policies around preparing locations and employees for potential civil unrest and building resilience.”
The insurer’s analysis outlines five key risk drivers of civil unrest:
- An ongoing global cost-of-living crisis
- Distrust of governments and institutions
- A rise in activism
- Increasing polarization
- Climate and environmental concerns
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