Political danger in 2024 – what ought to we concentrate on?

In its political danger report for 2024, main danger organisation Airmic surveyed the panorama to ship its verdict on what’s being pegged as a monumental 12 months for elections globally.

With electoral cycles throughout so many international locations offering potential flashpoints, insurance coverage markets, traders, and analysts are urged to remember now greater than ever. Subjects have additionally shifted, with an increase in strikes, riots, and civil commotion (SRCC) insurance coverage claims resulting in growing demand for specialist standalone political violence (PV) insurance coverage.

Airmic famous that danger professionals look to elections, as they’ve the opportunity of triggering political danger or civil unrest. Realizing they’re coming, nevertheless, gives a window for organisations to plan and brace for doable impression.

Danger professionals must be in tune with social media, it recommended, along with a variety of open-source intelligence instruments (OSINT) and danger map providers to amass beneficial insights into these evolving dangers. Horizon scanning and state of affairs evaluation, particularly, have been singled out by Airmic.

The organisation additionally emphasised two approaches for danger professionals: both “high down” or “backside up.”

• High down means choosing big-ticket dangers and dealing by their impacts on folks, operations, and funds
• Backside-up, alternatively, means choosing a rustic or area, in addition to adjoining territories and dealing by eventualities related to every

Airmic’s survey additionally revealed that even earlier than the overall election was known as within the UK, it was already pegged because the election of most concern for the organisation’s members in 2024.

Danger professionals additionally pointed to populism and geopolitical impression as the largest dangers on this landmark 12 months. Greater than half (56%) are utilizing social media to watch electoral ongoings.

The findings additionally present that organisations are growing their due diligence in relation to political danger, as nearly half (44%) of respondents have elevated the frequency and scope of horizon scanning and state of affairs evaluation.

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