SRCC now a major concern for businesses across the world

A heightened 'Strikes, Riots and Civil Commotion', or SRCC environment is detrimental for business operations today, says a study by Allianz Global Corporate & Specialty:

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Strikes, Riots and Civil Commotion, or SRCC in abbreviation now common across the world, are being fuelled by 'anger over growing social inequality and the cost-of-living, foundering faith in governments and institutions and increasingly polarized politics, together with a rise in activism and environmental concerns, says a report by global corporate insurance carrier and risk consultancy firm Allianz Global Corporate & Specialty (AGCS). It adds the heightened SRCC risk environment means businesses need to remain vigilant about the different threats such activity can pose. "In addition to buildings or assets suffering costly material damage, operations can be severely disrupted, resulting in significant loss of income," warns the report.

The report estimates that SRCC has racked up $12 billion of losses for businesses and institutions from just 6 major incidents in recent years and suggests that businesses should view the current climate as a catalyst for evaluating best practices and policies around preparing office locations and employees for the impact of potential civil unrest.

UNREST SPREADING QUICKLY