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2023/04/11 16:49:22

Insurance (global market)

2023: Insurance losses from unrest in the world 10 times higher than losses from terrorist attacks since 2015

In early April 2023, data on the volume of insurance payments in connection with the damage caused by public unrest were released. It is reported that since 2015, these expenses have exceeded $10 billion, an order of magnitude exceeding the damage from terrorist attacks, which during the same period amounted to less than $1 billion.

The figures are given in the report of the insurance broker Howden. Experts conducted a study that examined how growing public discontent over rising living costs and other social issues has led to an increase in the frequency and size of claims relating to strikes and riots. The report, in particular, mentions mass demonstrations in Chile in 2019, which provoked outbreaks of violence and robbery, as well as acts of vandalism. In addition, the Black Lives Matter protests in the United States in 2020 are covered, when riots occurred in several cities, accompanied by looting. Another blow to insurers was caused by unrest in South Africa in 2021.

Expenses for payments due to damage caused by public unrest exceeded $10 billion

The prevalence of payments related to civil unrest marks a turning point compared to the 1990s and early 2000s, when terrorism dominated the size of insurance payments. It is also said that in South Africa, insurance losses from strikes, riots and civil unrest exceeded losses from natural disasters. An additional burden on insurers is created by the current geopolitical situation. Experts from the German insurance company Allianz are also talking about the growing danger of civil unrest.

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Over the past 20 years, we have moved from a relatively break-even market to a market that suffers serious financial losses, "said Tom Bradbrook, chief executive of Howden's specialty insurance division.[1]
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