Survey: Businesses List Interruption, Cyber as Top Concerns
Business interruptions and cyber incidents are among the largest concerns for businesses, according to the 2019 Allianz Risk Barometer survey. The survey, now in its eighth year, is conducted among global businesses, insurance brokers, and industry trade organizations. More than 2,400 insurance professionals from 86 countries and 22 different industry sectors responded this year.
For the seventh year in a row, business interruption remains a top concern for the global industry. Both business interruption and cyber incidents received 37% of responses as the top business risks globally, along with natural catastrophes (28%), changes in legislation and regulation (27%), and market developments (23%).
These risks were also of highest concern in the US, followed by fire or explosion, new technologies, shortage of skilled workforce, climate change, and loss of reputation or brand value.
Overall, the biggest climbers on the list are climate change, with 13% of responses, and shortage of skilled workforce, with 10% of responses. This year also marks the first time that shortage of skilled workforce is listed among the top 10 business concerns globally and in the US.
Technology in the insurance industry has moved forward significantly over the past few years. While businesses are concerned with cyber losses, it is encouraging to see the advancements made in the industry and what’s to come.