Annual corporate survey spans responses from 92 countries and territories
By Terry Gangcuangco
Jan 16, 2024 ShareThe 13th edition of the Allianz Risk Barometer has been released – revealing the top business risks for 2024, based on the views of 3,069 respondents from 92 countries and territories across 24 industry sectors.
According to the annual corporate survey, below are the biggest concerns that businesses are facing this year.
- Cyber incidents – same rank in 2023
- Business interruption – same rank in 2023
- Natural catastrophes – up from sixth spot
- Changes in legislation and regulation – up from fifth spot
- Macroeconomic developments – down from third spot
- Fire, explosion – up from ninth spot
- Climate change – same rank in 2023
- Political risks and violence – up from 10th spot
- Market developments – up from 11th spot
- Shortage of skilled workforce – down from eighth spot
More specifically, cyber is the top business risk in the UK, the US, Australia, as well as in Asian countries Japan and India; business interruption in Canada, Malaysia, Singapore, South Korea, and Thailand; changes in legislation in China; and natural catastrophes in Hong Kong.
“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,” Allianz Commercial chief executive Petros Papanikolaou commented in an emailed release.
“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.”
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