Boarded-up stores and angry crowds in Philadelphia, Paris, Hong Kong and Santiago mean one thing: the threat of civil unrest. Incidents such as riots and protests are now challenging terrorism as the main political risk globally. It’s leading to more insurance claims and businesses gobbling up policies for so-called strikes, riots and civil commotion (SRCC) insurance.
As the economic fallout from coronavirus mounts, protests look set to multiply. There are millions of newly unemployed, unpaid and unsatisfied people around the world posing new threats. Some 37 countries now face major spikes in unrest, according to global risk analysts Verisk Maplecroft. The outlook is particularly concerning for emerging markets.