Political risk - market insights April 2025

Impact of 2024’s global elections on political risk insurance

2024 has been the most significant election year in modern history, with over 70 countries going to the polls. Elections across the globe are reshaping national policies, governance structures, and international relations. These electoral outcomes not only influence economic conditions, but also raise potential risks which companies and their investors need to navigate.

For political risk (PR) and political violence (PV) insurers, this presents both significant challenges and opportunities. As the world’s political dynamics shift in response to these elections, PR and PV insurers must reassess their risk models, potentially adapt coverage strategies, and prepare for the broader implications of these pivotal events.

The Launch of the Office of Trade Sanctions Implementation and trade sanctions: Understanding the role and business impact

On 10 October 2024, the UK launched the Office of Trade Sanctions Implementation (OTSI), a new regulatory body whose creation was initially announced by the UK Government in December 2023. 

We have also identified this as a key topic in the Marine and White collar crime sections.

Understanding the Oil Price Cap advisory and risks of evasion through falsified Certificates of Origin

On 21 November 2024, The Office of Financial Sanctions Implementation (OFSI) issued an advisory to help UK business’ ensure adherence to the price cap on Russian oil and avoid the risks of evasion. 

We have also identified this as a key topic in the Marine and White collar crime sections.

Government bills 

The Terrorism (Protection of Premises) Act 2025

The Terrorism (Protection of Premises) Bill received Royal Assent on 3 April 2025. The implementation period is expected to be at least 24 months. This means that there is no legal requirement to comply with the provisions of the Act until the legislation comes into force.

The new Act, also referred to as Martyn's Law, is intended to improve protective security and organisational preparedness across the UK. It requires certain premises and events to ensure steps have been taken to prepare for potential terrorist attacks and get ready to help keep people safe in the event of an attack. The Home Office will publish statutory guidance during the implementation period, aimed to assist with understanding the requirements set out in the legislation.

We have also identified the Terrorism (Protection of Premises) Act in the crime & regulatory and public sector sections.