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Allianz Commercial: War becomes the number one political violence risk for more than 50% of companies globally
- War in the Middle East redraws global risk landscape for companies and insurers.
- Sabotage and civil unrest are also major business concerns with hundreds of incidents globally over the past five years, according to Allianz Research.
- Regional domestic tensions predominate in Asia outside of the Middle East, with limited current impact to the PVT market, though a potential for a larger loss remains should these escalate into full blown war.
The US / Iran conflict is currently dominating news cycles, having disrupted the global economy significantly. Businesses impacted by armed conflict face significant challenges, including supply chain disruptions, loss of market access, as well as the risk of cyber-attacks and sabotage, the report notes. Even before the Iran war, it is estimated that business assets had experienced a 20%+ increase in exposure to conflict in the last five years. For the insurance industry, and especially the Political Violence & Terrorism (PVT) business, the war in the Middle East may lead to significant losses in some areas and new risk assessments for selected key industries and regions. Based on current estimates, the financial loss quantum has the potential to result in a costlier event than PVT claims resulting from the war in Ukraine.
“Wars, the threat of future conflicts and other political violence activities are likely to undermine geopolitical and economic stability in 2026 and for years to come. For many companies, there is a visibility gap when it comes to vulnerabilities in their physical and digital supply chains due to such geopolitical risks. Being able to identify these complex exposures is crucial. Risk managers must be relentlessly forward-looking with their resilience strategies, constantly refining them to keep pace with emerging threats as they arise from multiple sources, now and in the future,” says Thomas Lillelund, CEO of Allianz Commercial.
Civil unrest and sabotage remain significant concerns for companies
Allianz Research has tracked around 250 reported strikes, riots, and civil commotion (SRCC) events over the last five years with active participation exceeding 1,000 people and lasting for more than one day. Pakistan experienced the most SRCC events with 11, followed by Indonesia. Other countries that experienced a high number of events include the US, Greece, Tunisia, Hungary, Iran, and India. Economic pressures, including cost-of-living issues, are fueling protests and strikes worldwide, with citizens demanding better governance and economic reforms. Most public protests around the world are peaceful, but significant insured losses occurred as a result of major unrest events in 2025. The Indonesian riots in August incurred over $50mn in insured losses, while Nepal’s September protests could see insured losses higher than those caused by the catastrophic earthquake of 2015, which were more than $200mn. Depending on the duration of the conflict in the Middle East, a heightened risk of SRCC activity is also to be expected, particularly in countries heavily reliant on Middle Eastern oil and gas or fertilizers.
“The political violence landscape across Asia remains volatile, with civil unrest in countries such as Indonesia and Nepal, as well as domestic regional tensions including those between Pakistan and India, and Cambodia and Thailand. While some of these events have resulted in considerable losses, they generally have a limited impact on the overall political violence insurance market in the region due to their localized nature and minimal economic consequences. The real risk lies in the potential for these conflicts to escalate into full-scale wars between the respective nations,” says Robert James, Senior Political Violence & Terrorism Underwriter, Allianz Commercial Asia.
At the same time, acts of sabotage, including state-sponsored ones, have increased sharply in the last 18 months. On the global stage, the last four years have seen a surge in targeted and malicious attacks on critical infrastructure, such as undersea cables by Advanced Persistent Threat (APT) actors. These are usually sponsored by organizations or rogue states including Russia, which is very active in this gray area. Such attacks don’t necessarily cause widespread damage, but they can disrupt daily life and business activities, resulting in the allocation of valuable resources to policing and monitoring critical infrastructure.
Adaptation and resilience more important than ever
With geopolitical upheaval, economic pressures, and social media all amplifying the threat of political violence, the potential fallout can lead to substantial economic and insured losses, challenging businesses and their insurers. The pattern of protests and violence in recent years has clearly shown that some industries and occupancies are much more vulnerable to the full spectrum of political violence perils, but any organization can be impacted. One of the most severe PVT risks is the threat of business interruption (BI), which could lead to substantial economic and insured losses, challenging businesses, and their insurers. Adaptation and building resilience are therefore crucial for businesses of all sizes.
The US / Iran conflict is likely to have a significant impact on risk mitigation moving forward. According to the Allianz Risk Barometer, prior to the conflict just over a third (35%) of companies were already exploring nearshoring and evaluating domestic manufacturing options, 32% were looking to improve inventory management, including storing inventory in Free Trade zones, and almost half (49%) were looking at renegotiating and diversifying supply chains, as strategies to adapt to shifting geopolitical risks. Such trends will likely be accelerated by the conflict.
“As we navigate this era of heightened uncertainty, understanding the implications of these risks and mitigating them in our interconnected business ecosystems has never been more critical. Insurance has a key role to play in this regard, and demand for political violence insurance continues to grow. We see an elevated level of interest and more buyers than ever in this space. Clients are broadening their coverage to better fit their risk footprint. This is a marked change from before the war in Ukraine, and which is now amplified by subsequent events,” says Srdjan Todorovic, Global Head of Political Violence and Hostile Environment Solutions at Allianz Commercial.
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https://commercial.allianz.com/
financial strength, and network of the world’s #1 insurance brand, we work together to help our customers prepare for what’s ahead: They trust us in providing a wide range of traditional and alternative risk transfer solutions, outstanding risk consulting and Multinational services as well as seamless claims handling. Allianz Commercial brings together the large corporate insurance business of Allianz Global Corporate & Specialty (AGCS) and the commercial insurance business of national Allianz Property & Casualty entities serving mid-sized companies. We are present in over 200 countries and territories either through our own teams or the Allianz Group network and partners. In 2025, the integrated business of Allianz Commercial generated around €17.3 billion in gross premium globally. https://commercial.allianz.com/
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Franklin Templeton and DigiFT Advance Institutional Tokenization Through Strategic BENJI Partnership
The collaboration is grounded in a shared early commitment to institutional tokenization. Franklin Templeton launched the first U.S.-registered mutual fund to use a public blockchain to process transactions and record share ownership in 2021. DigiFT has built one of Asia’s most comprehensively regulated platforms for institutional tokenized asset distribution — holding licences in both Singapore and Hong Kong, including Type 1 and Type 4 licences from the Securities and Futures Commission of Hong Kong. This partnership brings those two track records together: DigiFT will serve as a key distributor across Asia, with both organisations committed to expanding the scope of their work together over time.
The partnership arrives at a decisive moment. In 2025, tokenized real-world assets distributed on public blockchains grew from approximately USD 5.5 billion to USD 18.6 billion, with tokenized U.S. government securities emerging as the leading institutional category. This growth underscores a structural inefficiency in digital markets, where institutional capital is frequently held in non‑yielding stablecoins or on‑exchange balances, while traditional fund infrastructure remains constrained by defined settlement cycles. The Benji Technology Platform and its related tokenization products are designed to address this gap by supporting the tokenization of U.S. government securities strategies that accrue yield continuously, including intraday accrual, through Franklin Templeton’s patent‑pending Intraday Yield mechanism. It also supports 24/7 transferability between permissioned wallets and near‑instant on‑chain settlement, enabling a range of potential institutional treasury management, payment and settlement use cases, and deployable off‑exchange collateral for institutional market participants.
Henry Zhang, Founder and Group CEO of DigiFT, said: “DigiFT was built with a specific conviction: that institutional investors deserve access to the world’s best on-chain financial instruments, through a platform that meets the regulatory standard they require. The partnership with Franklin Templeton reflects that conviction and marks the beginning of a long-term strategic collaboration to bring tokenized solutions to market.”
Chetan Karkhanis, SVP, Digital Asset Partnership Development at Franklin Templeton, said: “The partners we choose reflect our long-term commitment, not just our near-term distribution objectives towards bringing the benefits of blockchain and tokenization to the industry. DigiFT’s leadership and innovative edge, together with the institutional infrastructure they have built, provides a strong foundation for this partnership. This marks the beginning of what we expect to be an expanding and enduring collaboration.”
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The issuer is solely responsible for the content of this announcement.
In this role, Hirai will lead Aon’s business in Japan, with responsibility for setting and executing the firm’s strategy, driving sustainable growth and ensuring excellence in client service delivery. He will report to Qin Lu, head of North Asia, and will join the North Asia leadership team.
“Max brings deep market insight, strong leadership capability and a clear focus on clients,” said Lu. “His global business experience and collaborative leadership style position him well to build on our strong momentum in Japan and advance our Aon United strategy — helping clients and colleagues navigate an increasingly complex risk environment.”
With more than 30 years of experience in the insurance industry, Hirai brings extensive local and international leadership expertise. He has built his career at Tokio Marine, in Japan before serving in senior leadership roles across South America, North America and Asia. He currently serves as CEO, Asia Region for Tokio Marine, leading the firm’s Life and Non‑Life businesses across Southeast Asia and India.
Hirai is a well‑respected senior leader, with a strong track record of leading large, multi‑market insurance operations through growth and transformation. He is known for building high‑performing, collaborative teams and for his disciplined approach to strategy, execution and financial performance. His deep understanding of the Japan market and client‑focused leadership style will support Aon’s continued growth in Japan.
“I’m honoured to take on this role at an exciting time for the Japan market, where there is significant opportunity ahead,” said Hirai. “I have long respected Aon’s strong position and contributions to clients in Japan and look forward to working closely with colleagues to further strengthen our business in the market.”
Hirai succeeds Tatsuya Yamamoto, who will work closely with him in an advisory capacity to support a smooth leadership transition.
More information about Aon in Japan can be found here.
*Subject to completion of regulatory formalities, where required.
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About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.
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Disclaimer
The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.
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Trump’s Beijing Welcome Banquet: Hisense Joins Top U.S. Tech Enterprises at Elite Table to Sustain Technological Leadership
The high-end roundtable establishes a premium communication channel bridging Chinese manufacturing and U.S. hard technology. While U.S. representatives cover artificial intelligence, advanced semiconductors and new energy vehicles, Hisense represents China’s sophisticated technology manufacturing with a multi-dimensional technological layout. Shattering the long-standing stereotype of a conventional home appliance maker, the company has built inimitable technological barriers in high-end display and smart home sectors, maintaining sustained technological iteration and undisputed global technological advantages in 2026.
Empowered by its end-to-end industrial chain capability, Hisense occupies an apex position in the global display industry. The company’s self-developed RGB-Mini LED technology achieves comprehensive leadership in R&D, mass production and technological iteration. Equipped with the pioneering Linglong 4-Core True Colour Backlight system and independently developed Hi-View AI image processing chip, Hisense’s 2026 latest UX series features 110% BT.2020 ultra-wide colour gamut, 10,000 nits peak brightness and 134-bit high-precision colour control, reproducing over 120 million distinct colours. With these innovations, Hisense now has a one-year technological head start over its competitors, enabling the enterprise to set industrial benchmarks and secure rule-making authority within the global display ecosystem.
Hisense remains an undisputed global pioneer in laser display technology, holding full independent intellectual property rights covering laser light sources, optical modules and terminal devices. Continuous investment in underlying optical research enables superior imaging performance with ultra-high contrast, eye-friendly visual comfort and wide colour gamut. The persistent technological edge reinforces Hisense’s dominant market share in the global laser TV industry, consolidating its status as an indispensable Chinese technological powerhouse in the high-end display landscape.
Beyond display technologies, Hisense expands its technological frontier in premium smart home appliances. The self-developed heat pump washing machine adopts an innovative four-in-one integrated heat pump structure, delivering low-temperature fabric-friendly washing and drying while significantly cutting energy consumption. As an original global energy-saving home appliance solution, it embodies Hisense’s green manufacturing philosophy and diversified R&D strength beyond display technology.
During the banquet, Jia Shaoqian engaged in in-depth dialogues with international tech elites regarding technological innovation, transnational industrial collaboration and eco-friendly intelligent manufacturing. The high-level face-to-face communication enhances mutual trust and cooperation potential between Chinese and U.S. technology enterprises. Adhering to a globalised development strategy, Hisense maintains steady overseas revenue and robust independent brand influence, with its technology-oriented products widely recognised across mainstream international markets.
The prestigious seating arrangement serves as compelling proof of global recognition for China’s high-end manufacturing industry. As a leading Chinese tech enterprise, Hisense has obtained equal diplomatic-level dialogue status within the world’s top technological circle. Moving forward, Hisense will consistently invest in independent R&D, continuously iterate RGB-Mini LED, laser display and heat pump appliance technologies, and actively explore global industrial cooperation. Committed to technological empowerment, Hisense will further strengthen the global influence and industrial voice of Chinese high-end manufacturing.
Visit hisense.sg to learn more about Hisense’s innovative products available now in Singapore.
Disclaimer: This article is an objective industrial observation without exaggerated promotional statements. All technical parameters are sourced from Hisense’s official 2026 product releases.
Hashtag: #Hisense
The issuer is solely responsible for the content of this announcement.
About Hisense
Founded in 1969, Hisense is a global technology group operating in 160+ countries, with a strong portfolio across TVs, home appliances, air-conditioning and commercial solutions. Recognised as one of the Top 2 TV brands worldwide, Hisense continues to strengthen its global presence through innovation, quality manufacturing and major international partnerships, including its role as an Official Sponsor of the FIFA World Cup 2026™
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