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Top Business Worries 2018

Posted By Administration, Tuesday, January 23, 2018

The seventh annual Allianz Global Corporate and Specialty business worry survey is out. The Allianz Risk Barometer: Top Business Risks for 2018 says business interruption is the top worry but a growing concern — as it has been in the past few years — is cyber attacks and incidents.

Done in October and November of last year, the survey checks in with risk managers, underwriters, brokers and others in the insurance industry. Super big business is the largest portion of responses at 53%. Next is small business at 25% and midsize enterprises are 22%.

For big business, the survey said 42% named business interruption as the top concern.

Cyber incidents took a close second at 40%. That’s a long way up from finishing 15th just five years ago. Ironically, cyber incidents also ranked as the most feared cause of business interruption.

That’s a first.

Placing third is natural disasters and the report made a note of the $135 billion in losses — with maybe more to come — in 2017. Most of that came from hurricanes Harvey, Irma and Maria.

Small and medium businesses had similar results and — at 47% — those two categories account for almost half of the businesses surveyed. For small businesses business interruption also ranked at the top. Cyber was second and natural disaster third followed by market developments and changes in legislation.

Medium-sized firms picked cyber as the number-one concern and business interruption is second. Natural catastrophes, fire, explosion and market developments rounded out the top worries.

By the way, small and medium-sized businesses are defined as those with annual revenue of less than $300.8 million.

All you’ve just read is based on a global view. In the U.S. cyber concerns are the top worry followed by business interruption and natural catastrophes.

 

Source link: Business Insurance

Tags:  Insurance Content  Insurance Industry  Top Business Worries 2018  Weekly Industry News 

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