Global elections stir trade fears among Singapore’s business leaders – Beazley

Political risks deemed most significant threat

Global elections stir trade fears among Singapore’s business leaders – Beazley

Insurance News

By Roxanne Libatique

A significant portion of business leaders in Singapore, approximately 82%, are concerned about the potential impact of global elections on their international trade capabilities, according to specialist insurer Beazley’s latest “Risk & Resilience Report: Geopolitical Risk Snapshot 2024.”

The report sheds light on the escalating geopolitical risks businesses face globally during a year marked by numerous elections.

Business leaders are concerned about political risks

The survey conducted by Beazley included over 3,500 global business leaders, revealing that political risks are perceived as the most significant threat by 30% of respondents, a sentiment that increases to 32% among Singaporean leaders.

The findings highlighted a general sense of vulnerability, with 36% of executives globally acknowledging they are operating in environments fraught with high risks.

Business leaders are concerned about election results impacts

Furthermore, the study indicated that 70% of business leaders worldwide are apprehensive about the influence of this year’s election results on their international operations, with this concern rising to 82% among Singaporean leaders.

Despite the prevalent concern over political risks, 16% of leaders in Singapore feel ill-prepared to deal with such threats.

Roddy Barnett, head of political risks and trade credit at Beazley, pointed out the current geopolitical environment’s effect on businesses of various sizes, underscoring the importance of specialty insurance in providing financial stability.

“Amid growing political tensions across the globe, standalone cover for political risk and trade credit, political violence, strikes, riots, and civil commotion is increasingly important. As businesses become exposed to a growing range of perils, the need to move away from pure terrorism cover is apparent, with businesses in major Western democracies being particularly affected,” he said.

In other news from Singapore, a recent survey noted a concerning decline in cyber risks awareness among small and mid-sized enterprises.

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