Allianz releases 2023 Risk Barometer report findings
Allianz has released the 2023 Allianz Risk Barometer report which outlines that natural catastrophes, business interruptions and climate change are top business risks in Australia.
The Allianz Risk Barometer was compiled by Allianz Group’s corporate insurer Allianz Global Corporate and Specialty (AGCS). In its 12th edition, the 2023 Allianz Risk Barometer incorporates the views of 2,712 risk management experts in 94 countries and territories including CEOs, risk managers, brokers and insurance experts.
Natural catastrophes were ranked as the highest risk by 45% of respondents, business interruption and climate change as second highest jointly by 34% of respondents, cyber incidents as the fourth highest by 27% of respondents, while macroeconomic developments are ranked the fifth highest at 25%.
AGCS’ CEO Joachim Mueller comments on the findings: “For the second year in a row the Allianz Risk Barometer shows that companies are most concerned about mounting cyber risks and business interruption. At the same time, they see inflation, an impending recession and the energy crisis as immediate threats to their business. Companies – in Europe and in the US in particular – worry about the current ‘permacrisis’ resulting from the consequences of the pandemic and the economic and political impact from the ongoing war in Ukraine. It’s a stress test for every company’s resilience.
“The positive news is that as an insurer we see continuous improvement in this area among many of our clients, particularly around making supply chains more failure-proof, improving business continuity planning and strengthening cyber controls. Taking action to build resilience and de-risk is now front and centre for companies, given the events of recent years.”
Top 10 risks in Australia
A list of the top 10 risks in Australia is outlined below.
A copy of the report is available at Allianz Risk Barometer.