1 in 3 executives dread political risk in 2024

More than 60 countries are holding elections this year.

At least one in three business leaders said that political risk is the “biggest threat” against their businesses this year, whilst 16% said they are not prepared whatsoever.

Forty-four per cent (44%) of Singaporean-based business leaders indicated they currently operate in a high-risk environment, according to Beazley’s Geopolitical Risk Snapshot 2024

“More and more, Singapore business executives are considering the political risk landscape and how international affairs impact their ability to operate. Will relations between China and Taiwan improve? How will elections across Asia impact stability in the region? These are the big questions right now.” Jack Suk, Underwriter - Political Risks & Trade Credit, Asia Pacific

This year, over sixty countries are holding elections, giving more than two billion people the chance to vote. These events will be closely watched by analysts worldwide, according to Beazley’s Geopolitical Risk Snapshot 2024.

Amidst global tension, political risk and violence are top concerns for business leaders. Early recognition and mitigation are crucial, both internationally and domestically.

ALSO READ: InterContinental Singapore is saving insurance for a rainy day

Its annual Risk & Resilience reports focus on global business leaders' worries and readiness for geopolitical risks. Seventy per cent (70%) of them are worried about how this year's elections could affect their international operations and trade.

From the Middle East to Ukraine and Western democracies, the complexity of geopolitics poses challenges to business strategies.

The report narrowed three key issues: the potential rise in political violence and property damage due to polarised views globally, the risks associated with mining critical minerals for decarbonisation efforts, and Africa's potential economic growth driven by renewable energy despite political volatility.

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