Political risk tops list of concerns for local firms

Eight in 10 concerned elections will affect international trade and operations.

Three in 10 businesses in Singapore believe that political risk is the biggest threat they face this year, Beazley reported.

Business leaders are also worried that this year's elections will affect their international trade and operations, with concern rising to 82% in Singapore (70%, globally).

In addition, despite facing political risks during an unprecedented election year, 16% of Singapore business leaders admit they are unprepared for the threat of political risk and violence.

“Our research reveals that the current geopolitical environment is creating a feeling of instability for businesses of all sizes, and how specialty insurance can play a vital role in bringing some financial reassurance to them. 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,” Roddy Barnett, Head of Political Risks & Trade Credit at Beazley said.

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