Allianz flags rising business exposure to civil unrest risk

APAC recorded nearly 40,000 protests and riots in 2024, highest globally.

Allianz urges business owners to review their policies or attain one amidst a rise in business interruption losses linked to strikes, riots, and civil commotion (SRCC).

Insured losses from SRCC events such as those in Chile and South Africa have exceeded $10b over the past decade.

Civil unrest has become the leading political violence concern for businesses in Asia, according to a new report from Allianz Commercial.

The Asia Pacific region recorded nearly 40,000 protests and riots in 2024—the highest globally—driven by dissatisfaction with government policies, perceived authoritarianism, economic challenges, and social inequality.

India, Pakistan, South Korea, Iran, Indonesia, Japan, and Bangladesh were all listed amongst the top 20 countries by protest and riot frequency. 

Specific events included communal riots in India, student-led demonstrations in Bangladesh and Indonesia, anti-war protests, and martial law-related unrest in South Korea. 

The Allianz Risk Barometer 2025 found political risks and violence ranked as a top 10 global concern for the third consecutive year. 

Civil unrest was identified as the top political violence risk by more than 50% of respondents. 

Businesses in Asia and globally are increasingly exposed to operational disruptions, material 

In 2024 alone, more than 80,000 protest-related incidents were recorded in the top 20 countries globally, with India amongst the highest. 

Allianz notes that these losses in hotspot areas can match or exceed those caused by natural catastrophes.

Whilst some political violence events may be covered under property insurance, specialised protection is increasingly being sought, particularly by firms operating across multiple countries.