According to Chaucer, a specialty re/insurance group, the current period of significantly low political protests and demonstrations in Latin America may be coming to an end.
Data indicates that the number of protests in the region decreased by 26.3% over the past year, dropping from 28,000 to 20,690 between April 30, 2023, and April 30, 2024.
This year’s total is also notably below the six-year average of 22,773 protests (excluding the lockdown year).
Gabriel Mayorga, Underwriter at Chaucer, commented: “It is hard to say whether the relative ‘honeymoon periods’ of some of the new Latin American governments will come to an end. Not only do a number of countries face their own challenges but the global macroeconomic picture is still far from healthy.”
Analysts warn that ongoing tensions in Argentina, Colombia, and Venezuela could result in a rise in street protests over the next year. Additionally, elections scheduled for the coming year in Bolivia, Ecuador, and Honduras may act as potential triggers for civil unrest.
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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