Each year our Risk & Resilience research and thought leadership reports offer insight into the key concerns of business leaders across the globe. In this report, we focus on business executives’ concerns and perceived preparedness for geopolitical risk, and our research revealed that 70% of global business leaders are concerned by the outcome of this year’s elections and how the results could impact their international operations and ability to trade.

2024 will shape global politics for the remainder of the decade. Over sixty countries go to the polls this year giving more than two billion people the opportunity to cast their vote. For many elections, the results will bring positive change, while others will polarise opinion. At the same time, we are living in a time of heightened global tension and arguably, one of the most volatile global political landscapes in decades, and the threat of political risk and violence is high on the risk radars of the global business leaders we surveyed.

Our latest Geopolitical Risk Snapshot explores what this unpredictability will mean for businesses as they grapple with increasing political risks. We also look at the essential role of insurance in helping to mitigate some of these risks before they emerge and the importance of robust proactive contingency plans.

We examine three interlinked issues:

1. How a bumper election year could lead to a rise in political violence and property damage as views become increasingly polarised around the world and how past events provide a guide to potential future outcomes.
2. With decarbonisation strategies growing in importance, we consider the risks associated with mining the critical minerals and metals vital to delivering the energy transition needed to meet the world’s net zero targets.
3. How Africa, despite high levels of political volatility, corruption and civil unrest, has the potential to become an economic powerhouse, driven by renewable energy, untrammelled by legacy reliance on oil and gas. We delve into the opportunities and barriers for international investment in the continent’s electrification.

As insurers, we should step up to support our clients as they navigate this complex world.  By developing risk mitigation solutions, we can help clients build more resilient businesses and support their business operations and investments in an exceptionally challenging geopolitical environment.

Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, United States, Canada, Latin America and Asia. Beazley manages seven Lloyd’s syndicates and, in 2023, underwrote gross premiums worldwide of $5,601.4m. All Lloyd’s syndicates are rated A by A.M. Best.
Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by Beazley Excess and Surplus Insurance, Inc. and the Beazley syndicates at Lloyd’s.
Beazley’s European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information, please go to: beazley.com.
The information set forth in this document is intended as general risk management information. It is made available with the understanding that Beazley does not render legal services or advice. It should not be construed or relied upon as legal advice and is not intended as a substitute for consultation with counsel. Beazley has not examined and/ or had access to any particular circumstances, needs, contracts and/or operations of any party having access to this document. There may be specific issues under applicable law, or related to the particular circumstances of your contracts or operations, for which you may wish the assistance of counsel. Although reasonable care has been taken in preparing the information set forth in this document, Beazley accepts no responsibility for any errors it may contain or for any losses allegedly attributable to this information. BZCP050