Drawing insights from a comprehensive survey encompassing 3,069 participants hailing from 92 countries and territories, spanning 24 diverse industry sectors, the report presents a comprehensive overview of the prevailing concerns in the corporate landscape.As per the findings of this extensive corporate survey, the following issues emerge as the foremost worries for businesses in the current year:
- Cyber Incidents – Maintaining its position from the previous year (2023).
- Business Interruption – Holding steady at the same rank as 2023.
- Natural Catastrophes – Elevating from the sixth position to a more prominent spot.
- Changes in Legislation and Regulation – Climbing from the fifth position in the previous year.
- Macroeconomic Developments – Experiencing a decline from its third-place ranking in 2023.
- Fire, Explosion – Ascending from the ninth position.
- Climate Change – Maintaining the same rank as 2023.
- Political Risks and Violence – Rising from the 10th spot.
- Market Developments – Climbing up from the 11th position.
- Shortage of Skilled Workforce – Slipping down from the eighth spot.
According to reports, closer examination reveals region-specific nuances in the identified risks. Cyber incidents take the forefront as the principal business risk in the UK, the US, Australia, Japan, and India. Canada, Malaysia, Singapore, South Korea, and Thailand express heightened concern for business interruption.
Meanwhile, changes in legislation emerge as a critical risk factor in China, and Hong Kong faces an increased threat from natural catastrophes.
In a statement about the report, Allianz Commercial chief executive Petros Papanikolaou, commented on the data, saying: “The top risks and major risers in this year’s Allianz Risk Barometer reflect the big issues facing companies around the world right now – digitalisation, climate change, and an uncertain geopolitical environment.”
He added: “Many of these risks are already hitting home, with extreme weather, ransomware attacks, and regional conflicts expected to test the resilience of supply chains and business models further in 2024. Brokers and customers of insurance companies should be aware and adjust their insurance covers accordingly.”
