How much do strikes and protests actually cost? Insurance broker Howden did the math: According to a report, unrest worldwide has cost insurers and reinsurers $10 billion since 2015.
By way of comparison, the damage caused by terrorist attacks is estimated at less than a billion dollars. Terrorist attacks have cost more than ten times as much as strikes and protests over the past eight years.
As the “Financial Times” reports, Howden observes a “growing dissatisfaction”. This would be caused by rising living costs and other social burdens. Social media is fueling dissatisfaction, according to Howden, which is driving up insurance claims.
In the 1990s and early 2000s, the picture was completely different. Back then, the cost to insurers of terrorism exceeded that of civil unrest.
In the case of South Africa, according to Howden, the damage caused by unrest has even outweighed that caused by natural disasters in recent years.
According to the report, this year got off to an “ominous start”. This means, for example, protests in Brazil or the pension protests in France.
The riots mentioned by Howden are both large protests and strikes. There were riots, which were followed by violence by the security forces.
In Chile, a massive protest movement started in 2019, sparked by high local transport fares. The protest then turned generally once morest the social ills, the economic system and the government. Dozens of people were killed.
In the US, the Black Lives Matter movement regularly calls for demonstrations. After the murder of George Floyd in Minneapolis, protests erupted across the country.
Among other things, there was looting and arson, which resulted in curfews being imposed in some places. Some states even activated the National Guard. The protests eventually spread internationally, and there were also demonstrations in Switzerland.
Riots broke out in South Africa following ex-President Jacob Zuma was arrested. The army intervened harshly. According to government estimates, 354 people were killed and thousands injured or arrested during the unrest.
