Home | Print Page | Contact Us | Sign In | Register
Weekly Industry News
Blog Home All Blogs
Search all posts for:   

 

View all (2269) posts »
 

Allianz Survey — Business Worries 2019

Posted By staff reporter, Tuesday, January 22, 2019


 

The survey is called the 2019 Allianz Risk Barometer. It’s an annual look at the worries of business. They range from business interruption to cyber attacks to too many regulations.

This year’s survey went to businesses in the U.S. and Canada, Germany, Spain, Italy and China. The top two worries for the biggest majority of businesses — an equal 37% — are business interruption and cyber incidents.

Allianz spokesperson Marek Stanislawski said this is the seventh year in a row that business interruption topped the list. Cyber attack worries — however — have gained ground in the last couple of years.

“Cyber risk has been a major risk for a number of years, but as with any new risk it has struggled with awareness,” Stanislawski said. “We have now reached a point where cyber is as equally concerning for companies as their major traditional exposures.”

It’s no wonder. Cyber crimes now cost business $600 billion a year. That’s up from $445 billion in 2014. Cyber crimes — Stanislawski noted — are quite costly and often lead to securities and consumer class action lawsuits. There are also third-party liabilities.

Business interruption is still huge because they often lead to product recalls, quality issues, terrorism, political riots and environmental issues.

 

The Most Important Business Risks in 2019

1. Business Interruption

2019 — 37%

2018 — 42% — ranked 1 last year

 

2. Cyber incidents, cyber crime, data breaches, etc.

2019 — 37%

2018 — 40% — ranked 2 last year

 

3. Natural catastrophe like storms, floods, earthquake

2019 — 28%

2018 — 30% — ranked 3 last year

 

4. Changes in legislation, regulations, tariffs, etc.

2019 — 27%

2018 — 21% — ranked 5 last year

 

5. Market developments, intensified competition, M&A, etc.

2019 — 23%

2018 — 22% — ranked 4 last year

 

6. Fire, explosion

2019 — 19%

2018 — 20% — ranked 6 last year

 

7. New technologies

2019 — 19%

2018 — 15% — ranked 7 last year

 

8. Climate change, weather volatility

2019 — 13%

2018 — 10% — ranked 10 last year

 

9. Loss of reputation or brand value

2019 — 13%

2018 — 13% — ranked 8 last year

 

10. Shortage of skilled workforce

2019 — 9%

2018 — 6% — ranked 15 last year

 

Source link: Carrier Management

 

Is your E&O Insurance about to expire?

Let PIA Western Alliance help!  Save 15 - 20% on coverage

Tags:  Allianz Survey — Business Worries 2019  Marek Stanislawski 

Share |
Permalink | Comments (0)
 

A special thank you to our KKlub Members for their support.