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Business interruption has ranked first in the top 10 risks internationally for the seventh consecutive year, according to the eighth Allianz Global Risk Barometer.
Read more: Knowledge-sharing is crucial as global risks evolve
The Allianz report showed that business interruption is still regarded as a primary risk globally, with business interruption claims averaging $3.4 million globally – that’s 39% higher than the average direct property damage loss and both are significantly higher than five years ago, with the potential to run into hundreds of millions.
Also identified as top global risks were cyber incidents (37%), natural catastrophes (28%), changes in legislation and regulation (27%), market developments (23%), fire, explosion (19%), new technologies (19%), climate change/increasing volatility of weather (13%), loss of reputation or brand value (13%), and shortage of skilled workforce (9%).
The Allianz report collected data from business customers, brokers, industry trade organizations, and risk consultants from 22 industry sectors across 88 countries late last year.
