Daily Management Review

FT: Strikes and riots cost insurers more than terrorist attacks


The Financial Times (FT) cites insurance brokerage Howden as saying that since 2015, large strikes and riots have cost the insurance industry $10 billion in losses, whereas terrorist acts have cost less than $1 billion.

Mobilus In Mobili
Mobilus In Mobili
The insurance provider claims that these numbers demonstrate the increased frequency of major strikes and riots as a result of growing public unrest brought on by rising living expenses and social inequalities.

The most expensive incidents for insurers were riots in Chile in 2019, which resulted in destruction of numerous businesses, pharmacies, and transportation facilities; the mass riots in the United States in 2020, which were sparked by the killing of George Floyd; and the unrest in South Africa in 2021, which were sparked by the arrest of former President Jacob Zuma.

The majority of the losses insurers incurred from terrorist attacks occurred around 20 years ago, in the late 1990s and early 2000s, with the events of September 11, 2001 in the United States accounting for the largest of these losses.

source: ft.com