Impact of United States Election on International Trade: 65% of North Americans Fear Disruption, According to Beazley Report

The upcoming United States election has many North American businesses on edge, with 65% expressing concerns about how it will impact their ability to trade internationally. According to Beazley’s 2024 Geopolitical Risk Snapshot report, political risk is a top concern for 32% of U.S. business leaders, while 25% of North Americans fear war and terrorism as their greatest threat.

Recent events, such as the Capitol Hill riot and Black Lives Matter demonstrations in 2020, are still fresh in the minds of many businesses, leading to heightened anxiety about potential unrest following the upcoming election. The report highlights data from the Armed Conflict Location and Event Data Project, showing that over 11,000 BLM demonstrations took place in the U.S., with 6% involving violence and property damage.

With U.S. voters expecting further violence in the aftermath of the election, businesses are urged to prioritize insurance coverage against political violence-related damage. Beazley emphasizes the importance of proactive risk management and obtaining appropriate coverage in a timely manner to safeguard against potential losses.

Specialist insurance covering political violence is increasingly essential for businesses at risk, as they seek broader protection beyond terrorism coverage. The report warns that delaying the purchase of adequate coverage could result in higher costs and limited options. Businesses are advised to take precautions and seek insurance well in advance to mitigate risks and ensure financial security amid politically turbulent times.

In conclusion, Beazley underscores the evolving role of specialty insurance in risk mitigation, providing businesses with the necessary financial security to navigate uncertain political landscapes and continue their operations amidst potential unrest.