That can cost a pretty penny. Beck said oil and gas companies can pay tens of millions for premiums to insure against a host of disasters, with prices determined by several factors. In hotspots like Libya and Iraq, pipeline security is a big issue, as are ransom and kidnappings, to name a few.
"It's not just about pricing, it's about risk management," Beck said, adding that Clements' strategy is to "develop processes and procedures to prevent there being a loss, as opposed to simply reimbursing them after a loss."
Read MoreThe other major threat to Europe's energy security
The ability of oil companies to hedge against global risk is complex because the nature of those threats is diffuse and unpredictable. Beck, however, said they have one element in common.
"The roots of instability are all economic," he said. "It's that level of economic instability and insecurity that we have to pay close attention to now as we look at pricing of political violence coverage, and policies to protect operations in that developing part of the world."
--By CNBC's Javier E. David