As dozens of countries head to the polls in 2024, political risk is the biggest threat to businesses, according to a survey of 3,500 global business leaders, with 30% voicing their concern about one of the most volatile global political landscapes in decades.

This is amongst the findings of research carried out by insurer Beazley, whose latest Risk & Resilience report shows that 70% of business leaders globally are concerned that the outcome of this year’s elections will impact their international operations.

With a UK general election and US presidential election taking place in the autumn, 27% of UK and 25% of US business leaders said they are unprepared for the threat of political risk and violence.

Alex Hill, focus group leader, political and terrorism claims, Beazley said: “While businesses can draw up a list of high-risk elections ahead of time, they will not know what impact an election will have from a political violence perspective until it happens. While polarisation is a good indicator of the likelihood of strikes, riots and civil commotion taking place, unpredictability is an inherent feature of political risk. This is why businesses must take precautions to protect themselves well in advance, whether those be physical measures or seeking insurance cover.”

Beazley's research was conducted during January 2024 by Opinion Matters amongst over 3,500 business leaders and insurance buyers based in the UK, US, Canada, Singapore, France, Germany and Spain, all with international operations.

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