Changes in legislation and regulation
What are the top risks for 2020?
“The Allianz Risk Barometer 2020 highlights that cyber risk and climate change are two significant challenges that companies need to watch closely in the new decade,” says Joachim Müller , CEO of AGCS.
- The risk of cyber incidents have become more damaging and expensive for companies – and often result in lawsuits and litigation after the event
- Business interruption ranks second, but remains a key challenge with digitalization and civil unrest creating new causes of disruption and loss of income
- Climate Change rises to its highest-ever position – companies are most concerned about physical losses from extreme weather events but also fear consumer criticism and increasing regulatory and legal action.
Allianz Risk Barometer methodology
The annual corporate risk survey was conducted among Allianz customers (global businesses), brokers and industry trade organizations. It also surveyed risk consultants, underwriters, senior managers and claims experts in the corporate insurance segment of both Allianz Global Corporate & Specialty (AGCS) and other Allianz entities.
Respondents were questioned during October and November 2019. The survey focused on large and small- to mid-sized enterprises. Respondents were asked to select the industry about which they were particularly knowledgeable and to name up to three risks they believed to be of the most importance.
Most answers were for large enterprises (>$500mn annual revenue) [1,348 respondents 50%]. Mid-sized enterprises ($250mn to $500mn revenue) contributed 521 respondents (19%), while small enterprises (<$250mn revenue) produced 849 respondents (31%). Risk experts from 21 industry sectors were featured.
Ranking changes in the Allianz Risk Barometer are determined by positions year-on-year not percentages. All currencies US$ unless stated.