In a recent report, Allianz has highlighted the growing risks businesses face from civil unrest, urging business owners to review their insurance policies or obtain coverage to mitigate potential losses from strikes, riots, and civil commotion (SRCC).
The report reveals a significant uptick in SRCC-related business interruption losses, with incidents in Chile and South Africa alone exceeding $10 billion in insured losses over the past decade.
In particular, Allianz Commercial notes that civil unrest has emerged as the leading political violence concern for businesses operating in the Asia Pacific region. According to the Allianz Risk Barometer 2025, Asia saw nearly 40,000 protests and riots in 2024—making it the highest figure globally. The protests were largely driven by dissatisfaction with government policies, perceived authoritarianism, economic challenges, and growing social inequality.
Countries like India, Pakistan, South Korea, Iran, Indonesia, Japan, and Bangladesh all ranked among the top 20 nations with the most frequent protests and riots. Specific incidents ranged from communal riots in India to student-led demonstrations in Bangladesh and Indonesia, as well as anti-war protests and martial law-related unrest in South Korea.
The report also found that political violence and instability have remained a top global concern for businesses for the third year in a row, with civil unrest being identified as the primary political violence risk by over 50% of respondents.
In total, more than 80,000 protest-related incidents were recorded worldwide in 2024, with India being one of the countries most impacted. Allianz notes that the financial losses associated with civil unrest in these hotspot areas can be comparable to or even surpass those caused by natural disasters.
While some incidents of political violence may be covered under traditional property insurance, Allianz emphasizes that many companies—particularly those operating in multiple countries—are increasingly seeking specialized protection against such risks.
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