Business interruption, pandemic outbreak and cyber incidents rank as the Top 3 business risks of 2020, going into 2021, according to the Allianz Risk Barometer 2021.
“The Allianz Risk Barometer 2021 is clearly dominated by the COVID-19 trio of risks. Business interruption, pandemic and cyber are strongly interlinked, demonstrating the growing vulnerabilities of our highly globalized and connected world,” says Joachim Müller, CEO of Allianz. “The Coronavirus pandemic is a reminder that risk management and business continuity management need to further evolve in order to help businesses prepare for, and survive, extreme events. While the pandemic continues to have a firm grip on countries around the world, we also have to ready ourselves for more frequent extreme scenarios, such as a global-scale cloud outage or cyberattack, natural disasters driven by climate change or even another disease outbreak.”
- Market developments, macroeconomic developments and political violence are all rising risks. Socioeconomic consequences of the pandemic will bring more insolvencies and likely fuel further civil unrest in 2021.
- Climate change fell to No. 9, but will be back on the board agenda as a priority in 2021.
- Categories that fell in this year’s survey include changes in legislation and regulation, natural catastrophes, fire/explosion and climate change.
- Download the Allianz Risk Barometer 2021.