A significant increase in crisis-related claims, particularly in kidnap-for-ransom cases, political evacuations, and threats to corporate assets, has been reported across Asia-Pacific, according to the latest Crisis Management Annual Review by Willis, a WTW business.
The report highlights a rise in incidents, with claims in the region increasing from 6% in 2023 to 9% in 2024. Despite this moderate uptick, the overall risk environment remains volatile and unpredictable, according to Will Miller, Head of Crisis Management for APAC at Willis.
One of the most concerning trends noted in the report is the growing number of emergency repatriations, particularly those triggered by political instability. In 2024, 21% of all cases reported to Willis’s risk advisory unit, Alert:24, involved repatriations due to political unrest. An equal percentage—21%—was attributed to kidnappings for ransom.
The report also reveals that Asia-Pacific recorded the third-highest number of kidnappings globally, surpassing the Middle East and North Africa in the final quarter of the year. While local nationals accounted for the majority of victims, foreign nationals are increasingly being targeted, especially in Thailand.
Political instability continues to be a significant driver of security risks in the region, deeply affecting businesses and their insurance coverage. Over the past year, mass casualty attacks, many carried out by lone assailants with personal grievances, surged in both China and Australia. Experts suggest that economic stressors, such as high youth unemployment, rising debt, and a declining real estate sector, may be contributing factors behind these attacks.
These developments have raised concerns for insurers, especially those providing coverage for corporate security, business travel, and employee safety.
Additionally, maritime risks continue to pose a major threat in the region. In 2024, Asia-Pacific was identified as the global hotspot for piracy and maritime crime, with 74 reported incidents. A notable increase in attacks occurred in the Straits of Malacca and Singapore during the last quarter, reversing a decline in piracy seen in regions like Indonesia and Bangladesh.
This rise in crisis-related incidents is expected to have lasting implications for both insurers and businesses operating across the Asia-Pacific region.
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