The rapidly expanding Strikes, Riots, and Civil Commotion (SRCC) insurance category offers protection to businesses that have experienced losses due to damage from riots, protests, or other forms of civil unrest. This coverage can be extended to include losses stemming from business interruptions caused by road blockades related to protests and riots.
The decline in protest activity over the past year has been linked to various factors, including elections in Mexico that saw a peaceful transfer of power and a relatively calm post-election environment in Venezuela and Brazil.
Nevertheless, the ongoing reform processes in Argentina remain unpredictable, while the aftermath of the controversial elections in Venezuela and persistent issues in Colombia could contribute to increased civil unrest.
Mayorga further added: “Businesses aren’t taking any chances and SRCC is now becoming a standard purchase for many businesses across Latin America – not just for multinationals but also for local companies. The impact of the devastating riots in Chile in 2019 and previous rounds of civil protests in Peru are still a very fresh memory for business owners and their risk managers.”
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Publish date : 2024-11-03 22:03:00
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