ALLIANZ COMMERCIAL

Allianz Risk Barometer

Results appendix 2024
Based on the insight of 3,069 risk management
experts from 92 countries and territories
ALLIANZ RISK BAROMETER 2024 APPENDIX

Methodology
The 13th Allianz Risk Barometer incorporates the views of 3,069 respondents from 92 countries and
territories. The annual corporate risk survey was conducted among Allianz customers (businesses
around the globe), brokers and industry trade organizations. It also surveyed risk consultants,
underwriters, senior managers, claims experts, as well as other risk management professionals in
the corporate insurance segment of Allianz Commercial and other Allianz entities.

Respondents were questioned during October and November 2023. The survey focused on large,
smaller and mid-size companies. Respondents were asked to select the industry about which they
were particularly knowledgeable and to name up to three risks they believed to be most important.

Most answers were for large-size companies (>US$500mn annual revenue) [1,340 respondents,
44%]. Mid-size companies ($100mn+ to $500mn revenue) contributed 792 respondents (26%), while
smaller enterprises (<$100mn revenue) produced 937 respondents (30%). Risk experts from 24
industry sectors were featured.

Ranking changes in the Allianz Risk Barometer are determined by positions year-on-year, not
percentages.

Countries and industry sectors need at least 15 respondents to feature in the Allianz Risk Barometer
Results appendix.

3,069 92 24
respondents countries and industry sectors
territories

2
 ALLIANZ RISK BAROMETER 2024 APPENDIX

The most
important
business risks
in 2024:
global

3
ALLIANZ RISK BAROMETER 2024 APPENDIX

The most important business risks in 2024: global

Ranking changes are determined by positions year-on-year, ahead of percentages.

Rank Percent 2023 rank Trend

1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 36% 1 (34%) →
ransomware, data breaches, fines, and penalties)
2 Business interruption (incl. supply chain disruption) 31% 2 (34%) →
3 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 26% 6 (19%) ↑
weather events)
4 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 19% 5 (19%) ↑
protectionism, Euro-zone disintegration)1
5 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 19% 3 (25%) ↓
austerity programs)2
6 Fire, explosion 19% 9 (14%) ↑
7 Climate change (e.g., physical, operational, and financial risks as a result of 18% 7 (17%) →
global warming)
8 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, civil 14% 10 (13%) ↑
commotion, strikes, riots, looting)
9 Market developments (e.g., intensified competition / new entrants, M&A, market 13% 11 (11%) ↑
stagnation, market fluctuation)
10 Shortage of skilled workforce3 12% 8 (14%) ↓
11 Energy crisis (e.g., supply shortage / outage, price fluctuations) 12% 4 (22%) ↓
12 New technologies (e.g., risk impact of artificial intelligence, connected / 9% 14 (6%) ↑
autonomous vehicles, lithium-ion batteries, electric vehicles, Metaverse)
13 Critical infrastructure blackouts (e.g., power disruption) or failures (e.g., aging 8% 12 (9%) ↓
dams, bridges, rail tracks)
14 Theft, fraud, corruption 7% 15 (6%) ↑
15 Loss of reputation or brand value (e.g., public criticism) 6% 16 (5%) ↑
16 Environmental risks (e.g., pollution, biodiversity issues, water stress)4 5% 19 (3%) ↑
17 Insolvency 5% 17 (4%) →
17 Product recall, quality management, serial defects 5% 18 (4%) ↑
19 Pandemic outbreak (e.g., health and workforce issues, restrictions on movement, 4% 13 (7%) ↓
cancellation of events)
Other 2%

Source: Allianz Commercial

1 Changes in legislation and regulation ranks higher than macroeconomic developments based on the actual number of responses
2 Macroeconomic developments ranks higher than fire, explosion based on the actual number of responses
3 Shortage of skilled workforce ranks higher than energy crisis based on the actual number of responses
4 Environmental risks ranks higher than insolvency, and product recall based on the actual number of responses

Key The 13th annual Allianz Risk Barometer survey was conducted among Allianz customers (businesses around the
↑ Risk higher than in 2023 globe), brokers and industry trade organizations. It also surveyed risk consultants, underwriters, senior managers and
claims experts in the corporate insurance segment of Allianz Commercial and other Allianz entities.
↓ Risk lower than in 2023
→ No change from 2023 Figures represent how often a risk was selected as a percentage of all survey responses from 3,069 respondents.
(5%) 2023 risk ranking % All respondents could select up to three risks per industry, which is why the figures do not add up to 100%.

↗ View the Allianz Risk Barometer 2024 report and full methodology

4 4
 ALLIANZ RISK BAROMETER 2024 APPENDIX

1 2 3 4
37% 32% 25% 21%
→ → ↑ ↑
2023: 2023: 2023: 2023:
1 (39%) 2 (37%) 6 (19%) 5 (20%)

Business interruption Natural catastrophes Changes in legislation and regulation

(incl. supply chain disruption) (e.g., storm, flood, earthquake, wildfire, (e.g., tariffs, economic sanctions, protectionism,
extreme weather events) Euro-zone disintegration)

Cyber incidents 5 6 7
(e.g., cyber crime, IT network and service disruptions, malware 20% 19% 18%
/ ransomware, data breaches, fines, and penalties) ↓ ↑ →
2023: 2023: 2023:
4 (26%) 9 (13%) 7 (16%)

The most Macroeconomic developments Fire, explosion Climate change

important
(e.g., inflation, deflation, monetary (e.g., physical, operational, and financial
policies, austerity programs) risks as a result of global warming)

business risks 16%

8
15%
9 10
15%

in 2024: →
2023:
8 (15%)
↓
2023:
3 (32%)
→
2023:
10 (13%)

Europe Shortage of skilled workforce Energy crisis1

(e.g., supply shortage / outage, price fluctuations)
Political risks and violence
(e.g., political instability, war, terrorism, coup
d’état, civil commotion, strikes, riots, looting)

Source: Allianz Commercial

Figures represent how often a risk was selected as a percentage of all responses for that region
Respondents: 1,442. Figures don’t add up to 100% as up to three risks could be selected
NEW New entry in the top 10 risks

1 Energy crisis ranks higher than political risks and violence based on the actual number of responses

5
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Austria

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 35. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 40% 1 (40%) →
ransomware, data breaches, fines, and penalties)
2 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 37% 4 (24%) ↑
austerity programs)
3 Business interruption (incl. supply chain disruption) 23% 3 (32%) →
3 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 23% 10 (14%) ↑
protectionism, Euro-zone disintegration)
5 Climate change (e.g., physical, operational, and financial risks as a result of 20% 9 (16%) ↑
global warming)
6 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 17% 6 (22%) →
weather events)
6 Shortage of skilled workforce 17% 4 (24%) ↓
8 Energy crisis (e.g., supply shortage / outage, price fluctuations) 14% 2 (38%) ↓
8 Fire, explosion 14% 8 (20%) →
8 Market developments (e.g., intensified competition / new entrants, M&A, market 14% NEW ↑
stagnation, market fluctuation)

Top 10 risks in Belgium

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 30. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 60% 1 (57%) →
ransomware, data breaches, fines, and penalties)
2 Business interruption (incl. supply chain disruption) 40% 2 (36%) →
3 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 23% 6 (18%) ↑
weather events)
4 Energy crisis (e.g., supply shortage / outage, price fluctuations) 20% 4 (29%) →
5 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 17% 3 (32%) ↓
protectionism, Euro-zone disintegration)
5 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 17% 7 (14%) ↑
austerity programs)
7 Shortage of skilled workforce 13% 5 (25%) ↓
7 Theft, fraud, corruption 13% NEW ↑
9 Climate change (e.g., physical, operational, and financial risks as a result of 10% 9 (11%) →
global warming)
9 Fire, explosion 10% NEW ↑

6
 ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Bulgaria

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 43. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 42% 1 (40%) →
austerity programs)
2 Market developments (e.g., intensified competition / new entrants, M&A, market 30% 8 (11%) ↑
stagnation, market fluctuation)
3 Energy crisis (e.g., supply shortage / outage, price fluctuations) 26% 2 (31%) ↓
3 Shortage of skilled workforce 26% 6 (14%) ↑
5 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 19% NEW ↑
civil commotion, strikes, riots, looting)
6 Business interruption (incl. supply chain disruption) 14% 2 (31%) ↓
6 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 14% 6 (14%) →
protectionism, Euro-zone disintegration)
8 Fire, explosion 12% NEW ↑
8 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 12% 8 (11%) →
weather events)
8 Pandemic outbreak (e.g., health and workforce issues, restrictions on movement, 12% 5 (26%) ↓
cancellation of events)

Top 10 risks in Croatia

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 37. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 51% 2 (38%) ↑
weather events)
2 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 32% 1 (50%) ↓
austerity programs)
2 Shortage of skilled workforce 32% 6 (17%) ↑
4 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 30% 4 (29%) →
ransomware, data breaches, fines, and penalties)
5 Business interruption (incl. supply chain disruption) 19% 6 (17%) ↑
5 Fire, explosion 19% 8 (13%) ↑
7 Climate change (e.g., physical, operational, and financial risks as a result of 16% 8 (13%) ↑
global warming)
7 Energy crisis (e.g., supply shortage / outage, price fluctuations) 16% 4 (29%) ↓
7 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 16% NEW ↑
civil commotion, strikes, riots, looting)
10 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 11% 2 (38%) ↓
protectionism, Euro-zone disintegration)

7
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in France

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 87. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 44% 1 (40%) →
ransomware, data breaches, fines, and penalties)
2 Business interruption (incl. supply chain disruption) 40% 2 (32%) →
3 Fire, explosion 25% 7 (20%) ↑
4 Climate change (e.g., physical, operational, and financial risks as a result of 23% 6 (22%) ↑
global warming)
5 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 22% 5 (23%) →
weather events)
6 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 21% NEW ↑
civil commotion, strikes, riots, looting)
7 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 16% 8 (15%) ↑
protectionism, Euro-zone disintegration)
8 Energy crisis (e.g., supply shortage / outage, price fluctuations) 15% 3 (28%) ↓
9 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 14% 4 (24%) ↓
austerity programs)
10 Critical infrastructure blackouts (e.g., power disruption) or failures (e.g., aging 13% NEW ↑
dams, bridges, rail tracks)

Top 10 risks in Germany

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 454. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 44% 2 (40%) ↑
ransomware, data breaches, fines, and penalties)
2 Business interruption (incl. supply chain disruption) 37% 1 (46%) ↓
3 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 23% 4 (23%) ↑
protectionism, Euro-zone disintegration)
4 Shortage of skilled workforce1 20% 6 (17%) ↑
5 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 20% 5 (19%) →
weather events)
6 Climate change (e.g., physical, operational, and financial risks as a result of 19% 8 (17%) ↑
global warming)
7 Energy crisis (e.g., supply shortage / outage, price fluctuations) 17% 3 (32%) ↓
8 Fire, explosion 16% 10 (13%) ↑
8 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 16% NEW ↑
civil commotion, strikes, riots, looting)
10 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 15% 6 (17%) ↓
austerity programs)

1 Shortage of skilled workforce ranks higher than natural catastrophes based on the actual number of responses

8
 ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Greece

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 35. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 46% 3 (35%) ↑
weather events)
2 Climate change (e.g., physical, operational, and financial risks as a result of 37% 5 (22%) ↑
global warming)
3 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 34% 3 (35%) →
ransomware, data breaches, fines, and penalties)
4 Energy crisis (e.g., supply shortage / outage, price fluctuations) 31% 1 (48%) ↓
5 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 26% 1 (48%) ↓
austerity programs)
6 Fire, explosion 14% 8 (9%) ↑
6 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 14% 7 (13%) ↑
civil commotion, strikes, riots, looting)
8 Business interruption (incl. supply chain disruption) 11% 8 (9%) →
8 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 11% 5 (22%) ↓
protectionism, Euro-zone disintegration)
8 New technologies (e.g., risk impact of artificial intelligence, connected / 11% NEW ↑
autonomous vehicles, lithium-ion batteries, electric vehicles, Metaverse)

Top 10 risks in Hungary

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 76. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 36% 6 (20%) ↑
weather events)
2 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 30% 3 (37%) ↑
protectionism, Euro-zone disintegration)
2 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 30% 2 (47%) →
austerity programs)
4 Fire, explosion 24% NEW ↑
5 Shortage of skilled workforce 22% 7 (17%) ↑
6 Insolvency 21% NEW ↑
7 Market developments (e.g., intensified competition / new entrants, M&A, market 14% NEW ↑
stagnation, market fluctuation)
8 Energy crisis (e.g., supply shortage / outage, price fluctuations) 13% 1 (50%) ↓
9 Climate change (e.g., physical, operational, and financial risks as a result of 12% 4 (23%) ↓
global warming)
9 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 12% 4 (23%) ↓
ransomware, data breaches, fines, and penalties)

9
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Ireland NEW

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 21. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent
1 Business interruption (incl. supply chain disruption) 33%
2 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / ransomware, data 29%
breaches, fines, and penalties)
2 Market developments (e.g., intensified competition / new entrants, M&A, market stagnation, 29%
market fluctuation)
2 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme weather events) 29%
5 Shortage of skilled workforce 24%
6 Fire, explosion 19%
6 Macroeconomic developments (e.g., inflation, deflation, monetary policies, austerity programs) 19%
8 Pandemic outbreak (e.g., health and workforce issues, restrictions on movement, cancellation of 14%
events)
9 Climate change (e.g., physical, operational, and financial risks as a result of global warming) 10%
9 Theft, fraud, corruption 10%

Top 10 risks in Italy

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 42. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Business interruption (incl. supply chain disruption) 40% 2 (37%) ↑
1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 40% 1 (47%) →
ransomware, data breaches, fines, and penalties)
3 Climate change (e.g., physical, operational, and financial risks as a result of 33% 5 (18%) ↑
global warming)
4 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 26% 7 (13%) ↑
weather events)
5 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 21% 8 (11%) ↑
civil commotion, strikes, riots, looting)
6 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 19% 4 (21%) ↓
austerity programs)
7 Loss of reputation or brand value (e.g., public criticism) 17% NEW ↑
7 Market developments (e.g., intensified competition / new entrants, M&A, market 17% 8 (11%) ↑
stagnation, market fluctuation)
7 Product recall, quality management, serial defects 17% NEW ↑
10 Energy crisis (e.g., supply shortage / outage, price fluctuations) 14% 3 (32%) ↓

10
 ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in The Netherlands

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 45. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Business interruption (incl. supply chain disruption) 38% 1 (46%) →
2 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 31% 4 (34%) ↑
ransomware, data breaches, fines, and penalties)
3 Fire, explosion 29% NEW ↑
4 Energy crisis (e.g., supply shortage / outage, price fluctuations) 24% 3 (37%) ↓
5 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 18% 9 (11%) ↑
protectionism, Euro-zone disintegration)
5 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 18% 2 (40%) ↓
austerity programs)
5 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 18% 6 (23%) ↑
weather events)
5 Shortage of skilled workforce 18% 5 (26%) →
9 Climate change (e.g., physical, operational, and financial risks as a result of 13% 7 (17%) ↓
global warming)
9 Market developments (e.g., intensified competition / new entrants, M&A, market 13% NEW ↑
stagnation, market fluctuation)

Top 10 risks in Portugal

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 33. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 48% 1 (59%) →
ransomware, data breaches, fines, and penalties)
2 Business interruption (incl. supply chain disruption) 36% 5 (26%) ↑
3 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 30% 2 (44%) ↓
austerity programs)
3 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 30% 4 (28%) ↑
weather events)
5 Energy crisis (e.g., supply shortage / outage, price fluctuations) 24% 3 (36%) ↓
6 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 18% 9 (10%) ↑
protectionism, Euro-zone disintegration)
6 Climate change (e.g., physical, operational, and financial risks as a result of 18% 7 (13%) ↑
global warming)
6 Shortage of skilled workforce 18% 6 (15%) →
9 Fire, explosion 15% 7 (13%) ↓
9 Market developments (e.g., intensified competition / new entrants, M&A, market 15% 9 (10%) →
stagnation, market fluctuation)

11
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Romania

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 50. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 60% 3 (30%) ↑
protectionism, Euro-zone disintegration)
2 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 30% 2 (32%) →
austerity programs)
3 Fire, explosion 22% 4 (20%) ↑
4 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 18% NEW ↑
civil commotion, strikes, riots, looting)
5 Energy crisis (e.g., supply shortage / outage, price fluctuations) 16% 1 (40%) ↓
5 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 16% 6 (16%) ↑
weather events)
7 Business interruption (incl. supply chain disruption) 14% 5 (17%) ↓
7 Shortage of skilled workforce 14% 10 (9%) ↑
9 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 12% 6 (16%) ↓
ransomware, data breaches, fines, and penalties)
9 Insolvency 12% NEW ↑

Top 10 risks in Slovenia NEW

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 17. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent
1 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme weather events) 59%
2 Fire, explosion 47%
3 Climate change (e.g., physical, operational, and financial risks as a result of global warming) 35%
4 Business interruption (incl. supply chain) 24%
5 Macroeconomic developments (e.g., inflation, deflation, monetary policies, austerity programs) 18%
6 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / ransomware, data 12%
breaches, fines, and penalties)
6 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, civil commotion, 12%
strikes, riots, looting)
6 Product recall, quality management, serial defects 12%
6 Shortage of skilled workforce 12%
6 Theft, fraud, corruption 12%

12
 ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Spain

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 141. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Business interruption (incl. supply chain disruption) 40% 2 (45%) ↑
2 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 38% 1 (50%) ↓
ransomware, data breaches, fines, and penalties)1
2 Fire, explosion 38% 3 (27%) ↑
4 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 38% 4 (24%) →
weather events)
5 Climate change (e.g., physical, operational, and financial risks as a result of 19% 7 (12%) ↑
global warming)
6 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 16% 6 (15%) →
protectionism, Euro-zone disintegration)
7 Energy crisis (e.g., supply shortage / outage, price fluctuations) 14% 5 (20%) ↓
7 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 14% 7 (12%) →
austerity programs)
9 Theft, fraud, corruption 12% NEW ↑
10 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 10% NEW ↑
civil commotion, strikes, riots, looting)

1 Cyber incidents and fire, explosion, rank higher than natural catastrophes based on the actual number of responses

Top 10 risks in Switzerland

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 65. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 51% 1 (57%) →
ransomware, data breaches, fines, and penalties)
2 Business interruption (incl. supply chain disruption) 34% 3 (41%) ↑
2 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 34% 5 (18%) ↑
protectionism, Euro-zone disintegration)
4 Shortage of skilled workforce 25% 7 (16%) ↑
5 Market developments (e.g., intensified competition / new entrants, M&A, market 23% NEW ↑
stagnation, market fluctuation)
6 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 18% 4 (20%) ↓
civil commotion, strikes, riots, looting)
7 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 15% 8 (14%) ↑
austerity programs)
8 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 14% 5 (18%) ↓
weather events)
9 Climate change (e.g., physical, operational, and financial risks as a result of 12% 10 (9%) ↑
global warming)
9 New technologies (e.g., risk impact of artificial intelligence, connected / 12% NEW ↑
autonomous vehicles, lithium-ion batteries, electric vehicles, Metaverse)

13
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Turkey

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 27. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Climate change (e.g., physical, operational, and financial risks as a result of 33% 2 (37%) ↑
global warming)
1 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 33% 1 (58%) →
austerity programs)
3 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 30% 6 (16%) ↑
protectionism, Euro-zone disintegration)
3 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 30% 5 (32%) ↑
weather events)
3 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 30% 2 (37%) ↓
civil commotion, strikes, riots, looting)
6 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 26% NEW ↑
ransomware, data breaches, fines, and penalties)
7 Business interruption (incl. supply chain disruption) 15% 2 (37%) ↓
8 Energy crisis (e.g., supply shortage / outage, price fluctuations) 11% 6 (16%) ↓
8 Pandemic outbreak (e.g., health and workforce issues, restrictions on movement, 11% NEW ↑
cancellation of events)
10 Environmental risks (e.g., pollution, biodiversity issues, water stress) 7% NEW ↑

Top 10 risks in The UK

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 132. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 36% 1 (40%) →
ransomware, data breaches, fines, and penalties)
2 Business interruption (incl. supply chain disruption) 30% 2 (37%) →
3 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 23% NEW ↑
weather events)
4 Shortage of skilled workforce 21% 5 (21%) ↑
5 Climate change (e.g., physical, operational, and financial risks as a result of 19% 7 (15%) ↑
global warming)
5 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 19% 8 (13%) ↑
civil commotion, strikes, riots, looting)
7 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 18% 6 (20%) ↓
protectionism, Euro-zone disintegration)
7 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 18% 3 (34%) ↓
austerity programs)
7 New technologies (e.g., risk impact of artificial intelligence, connected / 18% 9 (11%) ↑
autonomous vehicles, lithium-ion batteries, electric vehicles, Metaverse)
10 Market developments (e.g., intensified competition / new entrants, M&A, market 13% NEW ↑
stagnation, market fluctuation)

14
 ALLIANZ RISK BAROMETER 2024 APPENDIX

1 2 3 4
35% 35% 29% 21%
↑ ↓ ↑ ↓
2023: 2023: 2023: 2023:
2 (32%) 1 (39%) 5 (23%) 3 (27%)

Business interruption Natural catastrophes Macroeconomic developments

(incl. supply chain disruption) (e.g., storm, flood, earthquake, wildfire, (e.g., inflation, deflation, monetary
extreme weather events) policies, austerity programs)

Cyber incidents1 5 6 7
(e.g., cyber crime, IT network and service disruptions, malware 20% 19% 15%
/ ransomware, data breaches, fines, and penalties) ↑ → ↑
2023: 2023: 2023:
7 (16%) 6 (16%) 9 (13%)

The most Climate change Fire, explosion Changes in legislation and regulation

important
(e.g., physical, operational, and financial (e.g., tariffs, economic sanctions, protectionism,
risks as a result of global warming) Euro-zone disintegration)

business risks 13%

8
13%
9 10
12%

in 2024: ↑
NEW
↑
2023:
10 (10%)
↓
2023:
4 (23%)

The Americas Market developments2

(e.g., intensified competition / new entrants, M&A,
Political risks and violence
(e.g., political instability, war, terrorism, coup
Shortage of skilled workforce
market stagnation, market fluctuation) d’état, civil commotion, strikes, riots, looting)

Source: Allianz Commercial

Figures represent how often a risk was selected as a percentage of all responses for that region
Respondents: 457. Figures don’t add up to 100% as up to three risks could be selected
NEW New entry in the top 10 risks

1 Cyber incidents ranks higher than business interruption based on the actual number of responses
2 Market developments ranks higher than political risks and violence based on the actual number of responses

15
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Argentina

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 34. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 41% 1 (41%) →
ransomware, data breaches, fines, and penalties)
2 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 32% 8 (12%) ↑
protectionism, Euro-zone disintegration)
3 Business interruption (incl. supply chain disruption) 29% 5 (18%) ↑
3 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 29% 8 (12%) ↑
austerity programs)
5 Fire, explosion 21% 2 (24%) ↓
5 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 21% 5 (18%) →
civil commotion, strikes, riots, looting)
7 Climate change (e.g., physical, operational, and financial risks as a result of 15% 2 (24%) ↓
global warming)
7 Shortage of skilled workforce 15% 5 (18%) ↓
9 Critical infrastructure blackouts (e.g., power disruption) or failures (e.g., aging 12% NEW ↑
dams, bridges, rail tracks)
10 Environmental risks (e.g., pollution, biodiversity issues, water stress) 9% NEW ↑

Top 10 risks in Brazil

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 68. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Climate change (e.g., physical, operational, and financial risks as a result of 35% 8 (11%) ↑
global warming)
2 Business interruption (incl. supply chain disruption) 31% 1 (34%) ↓
2 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 31% 2 (32%) →
ransomware, data breaches, fines, and penalties)
4 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 28% 6 (13%) ↑
weather events)
5 Theft, fraud, corruption 19% 6 (13%) ↑
6 Fire, explosion 18% 4 (15%) ↓
7 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 16% 4 (15%) ↓
protectionism, Euro-zone disintegration)
8 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 13% 2 (32%) ↓
austerity programs)
9 Loss of reputation or brand value (e.g., public criticism) 12% NEW ↑
10 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 10% 8 (11%) ↓
civil commotion, strikes, riots, looting)

16
 ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Canada

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 35. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Business interruption (incl. supply chain disruption) 57% 4 (25%) ↑
2 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 46% 1 (35%) ↓
ransomware, data breaches, fines, and penalties)
3 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 43% 4 (25%) ↑
weather events)
4 Critical infrastructure blackouts (e.g., power disruption) or failures (e.g., aging 29% NEW ↑
dams, bridges, rail tracks)
5 Fire, explosion 14% NEW ↑
5 Shortage of skilled workforce 14% 2 (33%) ↓
7 Climate change (e.g., physical, operational, and financial risks as a result of 11% 3 (29%) ↓
global warming)
7 Market developments (e.g., intensified competition / new entrants, M&A, market 11% NEW ↑
stagnation, market fluctuation)
7 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 11% 8 (17%) ↑
civil commotion, strikes, riots, looting)
10 Environmental risks (e.g., pollution, biodiversity issues, water stress) 9% 9 (13%) ↓

Top 10 risks in Colombia

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 37. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Fire, explosion 46% 8 (11%) ↑
2 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 43% NEW ↑
weather events)
3 Business interruption (incl. supply chain disruption) 41% 2 (39%) ↓
4 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 30% 1 (72%) ↓
ransomware, data breaches, fines, and penalties)
5 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 27% NEW ↑
civil commotion, strikes, riots, looting)
6 Climate change (e.g., physical, operational, and financial risks as a result of 22% 3 (28%) ↓
global warming)
7 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 19% 4 (22%) ↓
austerity programs)
8 Theft, fraud, corruption 14% 8 (11%) →
9 Energy crisis (e.g., supply shortage / outage, price fluctuations) 11% 4 (22%) ↓
9 Market developments (e.g., intensified competition / new entrants, M&A, market 11% NEW ↑
stagnation, market fluctuation)

17
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Mexico

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 21. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 33% 2 (21%) ↑
weather events)
2 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 29% 2 (21%) →
ransomware, data breaches, fines, and penalties)
3 Climate change (e.g., physical, operational, and financial risks as a result of 24% 2 (21%) ↓
global warming)
4 Business interruption (incl. supply chain disruption) 19% 1 (37%) ↓
4 Fire, explosion 19% 8 (11%) ↑
4 Market developments (e.g., intensified competition / new entrants, M&A, market 19% 5 (16%) ↑
stagnation, market fluctuation)
4 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 19% NEW ↑
civil commotion, strikes, riots, looting)
8 Theft, fraud, corruption 14% NEW ↑
9 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 10% NEW ↑
protectionism, Euro-zone disintegration)
9 Critical infrastructure blackouts (e.g., power disruption) or failures (e.g., aging 10% 5 (16%) ↓
dams, bridges, rail tracks)

Top 10 risks in The USA

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 252. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 36% 2 (30%) ↑
ransomware, data breaches, fines, and penalties)
2 Business interruption (incl. supply chain disruption) 33% 1 (45%) ↓
3 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 29% 5 (26%) ↑
weather events)
4 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 24% 3 (30%) ↓
austerity programs)
5 Climate change (e.g., physical, operational, and financial risks as a result of 17% 8 (12%) ↑
global warming)
6 Market developments (e.g., intensified competition / new entrants, M&A, market 16% 10 (9%) ↑
stagnation, market fluctuation)
7 Fire, explosion1 15% 6 (18%) ↓
8 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 15% 9 (10%) ↑
protectionism, Euro-zone disintegration)
8 Shortage of skilled workforce 15% 4 (27%) ↓
10 New technologies (e.g., risk impact of artificial intelligence, connected / 13% NEW ↑
autonomous vehicles, lithium-ion batteries, electric vehicles, Metaverse)

1 Fire, explosion ranks higher than changes in legislation and regulation, and shortage of skilled workforce based on the actual number of responses

18
 ALLIANZ RISK BAROMETER 2024 APPENDIX

1 2 3 4
38% 33% 32% 20%
↑ ↓ → ↑
2023: 2023: 2023: 2023:
2 (32%) 1 (35%) 3 (27%) 8 (15%)

Business interruption Natural catastrophes Fire, explosion

(incl. supply chain disruption) (e.g., storm, flood, earthquake, wildfire,
extreme weather events)

Cyber incidents 5 6 7
(e.g., cyber crime, IT network and service disruptions, malware 18% 17% 14%
/ ransomware, data breaches, fines, and penalties) → ↓ ↓
2023: 2023: 2023:
5 (22%) 4 (24%) 6 (19%)

The most Climate change Changes in legislation and regulation Macroeconomic developments1

important
(e.g., physical, operational, and financial (e.g., tariffs, economic sanctions, protectionism, (e.g., inflation, deflation, monetary
risks as a result of global warming) Euro-zone disintegration) policies, austerity programs)

business risks 14%

8 9
11%
10
11%

in 2024: ↑
NEW NEW
↑ ↓
2023:
9 (12%)

Asia Pacific Market developments

(e.g., intensified competition / new entrants, M&A,
New technologies2
(e.g., risk impact of artificial intelligence,
Political risks and violence
(e.g., political instability, war, terrorism, coup
market stagnation, market fluctuation) connected / autonomous vehicles, lithium-ion d’état, civil commotion, strikes, riots, looting)
batteries, electric vehicles, Metaverse)

Source: Allianz Commercial

Figures represent how often a risk was selected as a percentage of all responses for that region
Respondents: 694. Figures don’t add up to 100% as up to three risks could be selected
NEW New entry in the top 10 risks

1 Macroeconomic developments ranks higher than market developments based on the actual number of responses
2 New technologies ranks higher than political risks and violence based on the actual number of responses

19
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Australia

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 82. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 52% 4 (27%) ↑
ransomware, data breaches, fines, and penalties)
2 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 34% 1 (45%) ↓
weather events)
3 Shortage of skilled workforce 23% 5 (25%) ↑
4 Business interruption (incl. supply chain disruption) 21% 2 (34%) ↓
5 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 18% 7 (16%) ↑
protectionism, Euro-zone disintegration)
5 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 18% 5 (25%) →
austerity programs)
7 Climate change (e.g., physical, operational, and financial risks as a result of 16% 2 (34%) ↓
global warming)
7 Fire, explosion 16% NEW ↑
9 New technologies (e.g., risk impact of artificial intelligence, connected / 12% NEW ↑
autonomous vehicles, lithium-ion batteries, electric vehicles, Metaverse)
10 Market developments (e.g., intensified competition / new entrants, M&A, market 10% 10 (11%) →
stagnation, market fluctuation)

Top 10 risks in China

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 100. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 33% 1 (42%) →
protectionism, Euro-zone disintegration)
2 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 30% 4 (28%) ↑
austerity programs)
3 Market developments (e.g., intensified competition / new entrants, M&A, market 23% 7 (16%) ↑
stagnation, market fluctuation)
4 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 22% 6 (18%) ↑
ransomware, data breaches, fines, and penalties)
5 Business interruption (incl. supply chain disruption) 20% 2 (32%) ↓
5 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 20% 5 (22%) →
weather events)
7 New technologies (e.g., risk impact of artificial intelligence, connected / 19% 9 (12%) ↑
autonomous vehicles, lithium-ion batteries, electric vehicles, Metaverse)
8 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 15% NEW ↑
civil commotion, strikes, riots, looting)
9 Fire, explosion 13% 8 (15%) ↓
9 Loss of reputation or brand value (e.g., public criticism) 13% NEW ↑

20
 ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Hong Kong

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that territory.
Respondents: 66. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 33% 6 (16%) ↑
weather events)
2 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 26% 4 (20%) ↑
ransomware, data breaches, fines, and penalties)
3 Market developments (e.g., intensified competition / new entrants, M&A, market 23% NEW ↑
stagnation, market fluctuation)
4 Business interruption (incl. supply chain disruption) 21% 3 (30%) ↓
5 Climate change (e.g., physical, operational, and financial risks as a result of 20% 6 (16%) ↑
global warming)
6 Fire, explosion 17% 9 (14%) ↑
7 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 15% 6 (16%) ↓
civil commotion, strikes, riots, looting)
8 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 14% 2 (32%) ↓
protectionism, Euro-zone disintegration)
8 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 14% 4 (20%) ↓
austerity programs)
8 Shortage of skilled workforce 14% NEW ↑

Top 10 risks in India

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 132. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 55% 1 (51%) →
ransomware, data breaches, fines, and penalties)
2 Business interruption (incl. supply chain disruption) 38% 2 (35%) →
3 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 33% 3 (25%) →
weather events)
4 Climate change (e.g., physical, operational, and financial risks as a result of 18% 3 (25%) ↓
global warming)
5 Fire, explosion1 17% 9 (11%) ↑
6 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 17% 3 (25%) ↓
protectionism, Euro-zone disintegration)
7 New technologies (e.g., risk impact of artificial intelligence, connected / 16% NEW ↑
autonomous vehicles, lithium-ion batteries, electric vehicles, Metaverse)
8 Market developments (e.g., intensified competition / new entrants, M&A, market 15% NEW ↑
stagnation, market fluctuation)
9 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 14% 6 (16%) ↓
civil commotion, strikes, riots, looting)
10 Loss of reputation or brand value (e.g., public criticism) 9% NEW ↑

1 Fire, explosion ranks higher than changes in legislation and regulation based on the actual number of responses

21
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Japan

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 98. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 54% 1 (51%) →
ransomware, data breaches, fines, and penalties)
2 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 44% 2 (35%) →
weather events)
3 Business interruption (incl. supply chain disruption) 35% 3 (33%) →
4 Climate change (e.g., physical, operational, and financial risks as a result of 20% 4 (30%) →
global warming)
5 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 13% 6 (12%) ↑
civil commotion, strikes, riots, looting)
6 Fire, explosion 11% 9 (7%) ↑
6 Loss of reputation or brand value (e.g., public criticism) 11% NEW ↑
8 Shortage of skilled workforce 9% NEW ↑
9 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 8% 7 (9%) ↓
protectionism, Euro-zone disintegration)
10 Environmental risks (e.g., pollution, biodiversity issues, water stress) 6% NEW ↑

Top 10 risks in Malaysia NEW

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 30. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent
1 Business interruption (incl. supply chain disruption) 37%
1 Fire, explosion 37%
1 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme weather events) 37%
4 Changes in legislation and regulation (e.g., tariffs, economic sanctions, protectionism, Euro-zone 27%
disintegration)
4 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / ransomware, data 27%
breaches, fines, and penalties)
6 Critical infrastructure blackouts (e.g., power disruption) or failures (e.g., aging dams, bridges, rail 20%
tracks)
7 Pandemic outbreak (e.g., health and workforce issues, restrictions on movement, cancellation of 17%
events)
8 Climate change (e.g., physical, operational, and financial risks as a result of global warming) 13%
8 Theft, fraud, corruption 13%
10 Energy crisis (e.g., supply shortage / outage, price fluctuations) 7%

22
 ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Singapore

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 65. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Business interruption (incl. supply chain disruption) 51% 1 (50%) →
2 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 34% 2 (33%) →
ransomware, data breaches, fines, and penalties)
3 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 29% 3 (22%) →
weather events)
4 Fire, explosion 26% 3 (22%) ↓
5 Climate change (e.g., physical, operational, and financial risks as a result of 20% 8 (14%) ↑
global warming)
6 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 18% 5 (19%) ↓
protectionism, Euro-zone disintegration)
7 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 15% 5 (19%) ↓
austerity programs)
8 Energy crisis (e.g., supply shortage / outage, price fluctuations) 12% 7 (15%) ↓
8 Market developments (e.g., intensified competition / new entrants, M&A, market 12% NEW ↑
stagnation, market fluctuation)
10 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 11% 10 (12%) →
civil commotion, strikes, riots, looting)

Top 10 risks in South Korea

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 89. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Business interruption (incl. supply chain disruption) 39% 1 (36%) →
1 Fire, explosion 39% 2 (32%) ↑
3 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 22% 5 (22%) ↑
weather events)
4 Climate change (e.g., physical, operational, and financial risks as a result of 19% 4 (25%) →
global warming)
5 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 18% 3 (29%) ↓
ransomware, data breaches, fines, and penalties)
6 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 17% 6 (15%) →
austerity programs)
7 Market developments (e.g., intensified competition / new entrants, M&A, market 16% 10 (10%) ↑
stagnation, market fluctuation)
8 Product recall, quality management, serial defects 15% NEW ↑
9 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 12% 9 (12%) →
protectionism, Euro-zone disintegration)
9 New technologies (e.g., risk impact of artificial intelligence, connected / 12% 8 (14%) ↓
autonomous vehicles, lithium-ion batteries, electric vehicles, Metaverse)

23
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Thailand NEW

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 15. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent
1 Business interruption (incl. supply chain disruption) 47%
1 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme weather events) 47%
3 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / ransomware, data 33%
breaches, fines, and penalties)
4 Fire, explosion 27%
5 New technologies (e.g., risk impact of artificial intelligence, connected / autonomous vehicles, 20%
lithium-ion batteries, electric vehicles, Metaverse)
6 Climate change (e.g., physical, operational, and financial risks as a result of global warming) 13%
6 Environmental risks (e.g., pollution, biodiversity issues, water stress) 13%
6 Loss of reputation or brand value (e.g., public criticism) 13%
6 Macroeconomic developments (e.g., inflation, deflation, monetary policies, austerity programs) 13%
6 Product recall, quality management, serial defects 13%

24
 ALLIANZ RISK BAROMETER 2024 APPENDIX

1 2 3 4
33% 22% 21% 21%
↑ ↑ ↓ ↑
2023: 2023: 2023: 2023:
2 (26%) 3 (20%) 1 (27%) 8 (16%)

Business interruption Macroeconomic developments1 Critical infrastructure blackouts2

(incl. supply chain disruption) (e.g., inflation, deflation, monetary (e.g., power disruption) or failures (e.g.,
policies, austerity programs) aging dams, bridges, rail tracks)

Cyber incidents 5 6 7
(e.g., cyber crime, IT network and service disruptions, malware 21% 19% 17%
/ ransomware, data breaches, fines, and penalties) → ↑ ↓
2023:
5 (19%)
NEW 2023:
6 (18%)

The most Changes in legislation and regulation Natural catastrophes Political risks and violence

important
(e.g., tariffs, economic sanctions, protectionism, (e.g., storm, flood, earthquake, wildfire, (e.g., political instability, war, terrorism, coup
Euro-zone disintegration) extreme weather events) d’état, civil commotion, strikes, riots, looting)

business risks 16%

8
16%
8 10
16%

in 2024: →
2023:
8 (16%)
↓
2023:
7 (16%)
↓
2023:
4 (20%)

Africa &
Middle East
Energy crisis3 Theft, fraud, corruption Climate change
(e.g., supply shortage / outage, price fluctuations) (e.g., physical, operational, and financial
risks as a result of global warming)

Source: Allianz Commercial

Figures represent how often a risk was selected as a percentage of all responses for that region
Respondents: 476. Figures don’t add up to 100% as up to three risks could be selected
NEW New entry in the top 10 risks

1 Macroeconomic developments ranks higher than critical infrastructure blackouts based on the actual number of responses
2 Critical infrastructure blackouts ranks higher than changes in legislation and regulation based on the actual number of responses
3 Energy crisis, and theft, fraud, corruption rank higher than climate change based on the actual number of responses

25
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Cameroon

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 36. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Fire, explosion 28% 3 (29%) ↑
1 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 28% 7 (21%) ↑
austerity programs)
1 Market developments (e.g., intensified competition / new entrants, M&A, market 28% 1 (38%) →
stagnation, market fluctuation)
1 Theft, fraud, corruption 28% 4 (25%) ↑
5 Critical infrastructure blackouts (e.g., power disruption) or failures (e.g., aging 19% 4 (25%) ↓
dams, bridges, rail tracks)
5 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 19% NEW ↑
weather events)
5 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 19% 8 (17%) ↑
civil commotion, strikes, riots, looting)
8 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 17% 4 (25%) ↓
protectionism, Euro-zone disintegration)
9 Loss of reputation or brand value (e.g., public criticism) 14% 9 (13%) →
10 Business interruption (incl. supply chain disruption) 11% 1 (38%) ↓

Top 10 risks in Ghana

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 17. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 59% 1 (66%) →
austerity programs)
2 Fire, explosion 41% 4 (16%) ↑
3 Market developments (e.g., intensified competition / new entrants, M&A, market 29% 2 (26%) ↓
stagnation, market fluctuation)
4 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 24% 6 (13%) ↑
protectionism, Euro-zone disintegration)
5 Business interruption (incl. supply chain disruption) 18% 2 (26%) ↓
5 Climate change (e.g., physical, operational, and financial risks as a result of 18% 9 (11%) ↑
global warming)
5 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 18% 4 (16%) ↓
ransomware, data breaches, fines, and penalties)
5 Energy crisis (e.g., supply shortage / outage, price fluctuations) 18% 6 (13%) ↑
5 Theft, fraud, corruption 18% NEW ↑
10 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 12% NEW ↑
weather events)

26
 ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Ivory Coast

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 20. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 45% NEW ↑
civil commotion, strikes, riots, looting)
2 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 30% 7 (14%) ↑
ransomware, data breaches, fines, and penalties)
2 Market developments (e.g., intensified competition / new entrants, M&A, market 30% 2 (19%) →
stagnation, market fluctuation)
4 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 25% 7 (14%) ↑
protectionism, Euro-zone disintegration)
4 Insolvency 25% 2 (19%) ↓
6 Business interruption (incl. supply chain disruption) 20% NEW ↑
6 Loss of reputation or brand value (e.g., public criticism) 20% 2 (19%) ↓
6 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 20% 2 (19%) ↓
austerity programs)
9 Climate change (e.g., physical, operational, and financial risks as a result of 15% NEW ↑
global warming)
9 Energy crisis (e.g., supply shortage / outage, price fluctuations) 15% 7 (14%) ↓

Top 10 risks in Kenya

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 17. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 47% 2 (29%) ↑
ransomware, data breaches, fines, and penalties)
2 Theft, fraud, corruption 41% 5 (23%) ↑
3 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 35% 1 (31%) ↓
protectionism, Euro-zone disintegration)
4 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 29% 7 (17%) ↑
austerity programs)
5 Business interruption (incl. supply chain disruption) 18% 6 (21%) ↑
5 Market developments (e.g., intensified competition / new entrants, M&A, market 18% 3 (27%) ↓
stagnation, market fluctuation)
7 Climate change (e.g., physical, operational, and financial risks as a result of 12% 3 (27%) ↓
global warming)
7 Energy crisis (e.g., supply shortage / outage, price fluctuations) 12% 7 (17%) →
7 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 12% NEW ↑
civil commotion, strikes, riots, looting)
10 Fire, explosion 6% NEW ↑

27
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Mauritius

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 45. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 33% 1 (53%) →
ransomware, data breaches, fines, and penalties)
1 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 33% 3 (27%) ↑
austerity programs)
3 Market developments (e.g., intensified competition / new entrants, M&A, market 22% NEW ↑
stagnation, market fluctuation)
4 Climate change (e.g., physical, operational, and financial risks as a result of 20% 2 (33%) ↓
global warming)
5 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 16% 8 (13%) ↑
protectionism, Euro-zone disintegration)
6 New technologies (e.g., risk impact of artificial intelligence, connected / 13% NEW ↑
autonomous vehicles, lithium-ion batteries, electric vehicles, Metaverse)
6 Shortage of skilled workforce 13% 3 (27%) ↓
6 Theft, fraud, corruption 13% 5 (20%) ↓
9 Energy crisis (e.g., supply shortage / outage, price fluctuations) 9% 10 (7%) ↑
9 Loss of reputation or brand value (e.g., public criticism) 9% NEW ↑

Top 10 risks in Morocco

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 17. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 41% NEW ↑
protectionism, Euro-zone disintegration)
1 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 41% 7 (13%) ↑
weather events)
3 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 29% 1 (53%) ↓
ransomware, data breaches, fines, and penalties)
3 Fire, explosion 29% 7 (13%) ↑
5 Climate change (e.g., physical, operational, and financial risks as a result of 24% NEW ↑
global warming)
6 Business interruption (incl. supply chain disruption) 18% 3 (33%) ↓
6 Market developments (e.g., intensified competition / new entrants, M&A, market 18% 4 (27%) ↓
stagnation, market fluctuation)
8 Critical infrastructure blackouts (e.g., power disruption) or failures (e.g., aging 12% 7 (13%) ↓
dams, bridges, rail tracks)
8 Environmental risks (e.g., pollution, biodiversity issues, water stress) 12% NEW ↑
8 Insolvency 12% 5 (20%) ↓

28
 ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in Nigeria

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 55. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 36% 4 (18%) ↑
protectionism, Euro-zone disintegration)
1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 36% 3 (22%) ↑
ransomware, data breaches, fines, and penalties)
1 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 36% 1 (46%) →
austerity programs)
4 Market developments (e.g., intensified competition / new entrants, M&A, market 20% NEW ↑
stagnation, market fluctuation)
5 Climate change (e.g., physical, operational, and financial risks as a result of 18% 9 (11%) ↑
global warming)
5 Theft, fraud, corruption 18% 5 (17%) →
7 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 16% 2 (30%) ↓
civil commotion, strikes, riots, looting)
8 Energy crisis (e.g., supply shortage / outage, price fluctuations) 15% 7 (14%) ↓
9 New technologies (e.g., risk impact of artificial intelligence, connected / 13% NEW ↑
autonomous vehicles, lithium-ion batteries, electric vehicles, Metaverse)
10 Business interruption (incl. supply chain disruption) 9% 9 (11%) ↓

Top 10 risks in Senegal

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 17. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Market developments (e.g., intensified competition / new entrants, M&A, market 41% 1 (36%) →
stagnation, market fluctuation)
2 Fire, explosion 35% 2 (32%) →
3 Business interruption (incl. supply chain disruption) 24% 4 (18%) ↑
3 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 24% 7 (14%) ↑
protectionism, Euro-zone disintegration)
3 Insolvency 24% NEW ↑
3 Theft, fraud, corruption 24% 3 (27%) →
7 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 18% NEW ↑
ransomware, data breaches, fines, and penalties)
7 Macroeconomic developments (e.g., inflation, deflation, monetary policies, 18% 4 (18%) ↓
austerity programs)
7 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 18% NEW ↑
civil commotion, strikes, riots, looting)
10 Critical infrastructure blackouts (e.g., power disruption) or failures (e.g., aging 12% NEW ↑
dams, bridges, rail tracks)

29
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks in South Africa

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 179. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent 2023 rank Trend

1 Critical infrastructure blackouts (e.g., power disruption) or failures (e.g., aging 40% 1 (36%) →
dams, bridges, rail tracks)
2 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / 39% 2 (33%) →
ransomware, data breaches, fines, and penalties)
3 Business interruption (incl. supply chain disruption) 35% 3 (32%) →
4 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, extreme 26% 7 (19%) ↑
weather events)1
5 Energy crisis (e.g., supply shortage / outage, price fluctuations) 26% 6 (27%) ↑
6 Political risks and violence (e.g., political instability, war, terrorism, coup d’état, 20% 4 (27%) ↓
civil commotion, strikes, riots, looting)
7 Climate change (e.g., physical, operational, and financial risks as a result of 18% 4 (27%) ↓
global warming)
8 Fire, explosion 14% 8 (14%) →
9 Theft, fraud, corruption 11% NEW ↑
10 Changes in legislation and regulation (e.g., tariffs, economic sanctions, 10% 9 (10%) ↓
protectionism, Euro-zone disintegration)

1 Natural catastrophes ranks higher than energy crisis based on the actual number of responses

Top 10 risks in Uganda NEW

Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country.
Respondents: 23. Figures don’t add up to 100% as up to three risks could be selected

Rank Percent
1 Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / ransomware, data 48%
breaches, fines, and penalties)
2 Market developments (e.g., intensified competition / new entrants, M&A, market stagnation, 35%
market fluctuation)
2 Theft, fraud, corruption 35%
4 Changes in legislation and regulation (e.g., tariffs, economic sanctions, protectionism, Euro-zone 26%
disintegration)
5 Business interruption (incl. supply chain) 22%
5 Macroeconomic developments (e.g., inflation, deflation, monetary policies, austerity programs) 22%
7 Critical infrastructure blackouts (e.g., power disruption) or failures (e.g., aging dams, bridges, rail 17%
tracks)
7 Fire, explosion 17%
9 Climate change (e.g., physical, operational, and financial risks as a result of global warming) 13%
10 Environmental risks (e.g., pollution, biodiversity issues, water stress) 9%

30
 ALLIANZ RISK BAROMETER 2024 APPENDIX

The most
important
business risks
by industry sector
in 2024

31
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 5 risks in Rank Percent 2023 rank Trend

Agriculture 1 Climate change (e.g., physical, operational, and 59% 1 (48%) →
Source: Allianz Commercial financial risks as a result of global warming)
Figures represent how often a risk 2 Natural catastrophes (e.g., storm, flood, 57% 2 (43%) →
was selected as a percentage of all
responses for that industry sector
earthquake, wildfire, extreme weather events)
Respondents: 37 3 Environmental risks (e.g., pollution, biodiversity 27% NEW ↑
Figures don’t add up to 100% as up to issues, water stress)
three risks could be selected
NEW New entry in the top 5 risks 4 Changes in legislation and regulation (e.g., tariffs, 22% NEW ↑
economic sanctions, protectionism, Euro-zone
disintegration)
5 Business interruption (incl. supply chain disruption) 16% (4) 17% ↓

Top 5 risks in Rank Percent 2023 rank Trend

Aviation, 1 Political risks and violence (e.g., political instability, 34% 1 (34%) →
aerospace and war, terrorism, coup d’état, civil commotion,
defense strikes, riots, looting)
2 Cyber incidents (e.g., cyber crime, IT network and 33% 3 (30%) ↑
Source: Allianz Commercial
Figures represent how often a risk
service disruptions, malware / ransomware, data
was selected as a percentage of all breaches, fines, and penalties)
responses for that industry sector
3 Climate change (e.g., physical, operational, and 24% NEW ↑
Respondents: 58
Figures don’t add up to 100% as up to
financial risks as a result of global warming)
three risks could be selected 3 Market developments (e.g., intensified competition 24% NEW ↑
NEW New entry in the top 5 risks
/ new entrants, M&A, market stagnation,
market fluctuation)
5 Business interruption (incl. supply chain disruption) 22% NEW ↑

Top 5 risks in Rank Percent 2023 rank Trend

Chemicals, 1 Business interruption (incl. supply chain disruption) 57% 1 (54%) →
pharmaceuticals 2 Cyber incidents (e.g., cyber crime, IT network and 33% 2 (30%) →
and biopharma service disruptions, malware / ransomware, data
breaches, fines, and penalties)
Source: Allianz Commercial
Figures represent how often a risk 3 Energy crisis (e.g., supply shortage / outage, 24% 3 (26%) →
was selected as a percentage of all price fluctuations)
responses for that industry sector
Respondents: 63 3 Market developments (e.g., intensified competition 24% NEW ↑
Figures don’t add up to 100% as up to / new entrants, M&A, market stagnation,
three risks could be selected market fluctuation)
NEW New entry in the top 5 risks
5 Fire, explosion 21% NEW ↑

32
 ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 5 risks in Rank Percent 2023 rank Trend

Consumer goods 1 Cyber incidents (e.g., cyber crime, IT network and 29% NEW ↑
Source: Allianz Commercial service disruptions, malware / ransomware, data
Figures represent how often a risk breaches, fines, and penalties)
was selected as a percentage of all
responses for that industry sector
1 Market developments (e.g., intensified competition 29% NEW ↑
Respondents: 31 / new entrants, M&A, market stagnation,
Figures don’t add up to 100% as up to market fluctuation)
three risks could be selected
3 Climate change (e.g., physical, operational, and 23% NEW ↑
NEW New entry in the top 5 risks
financial risks as a result of global warming)
3 Political risks and violence (e.g., political instability, 23% NEW ↑
war, terrorism, coup d’état, civil commotion,
strikes, riots, looting)
5 Business interruption (incl. supply chain disruption) 19% 1 (41%) ↓

Top 5 risks in Rank Percent 2023 rank Trend

Engineering, 1 Natural catastrophes (e.g., storm, flood, 38% 2 (34%) ↑
construction and earthquake, wildfire, extreme weather events)
real estate 2 Fire, explosion 31% NEW ↑
Source: Allianz Commercial 3 Business interruption (incl. supply chain disruption) 28% 1 (39%) ↓
Figures represent how often a risk 4 Macroeconomic developments (e.g., inflation, 21% 5 (20%) ↑
was selected as a percentage of all
responses for that industry sector
deflation, monetary policies, austerity programs)
Respondents: 178 5 Cyber incidents (e.g., cyber crime, IT network and 19% NEW ↑
Figures don’t add up to 100% as up to service disruptions, malware / ransomware, data
three risks could be selected
breaches, fines, and penalties)
NEW New entry in the top 5 risks

Top 5 risks in Rank Percent 2023 rank Trend

Entertainment 1 Business interruption (incl. supply chain disruption) 43% 4 (23%) ↑
Source: Allianz Commercial 2 Pandemic outbreak (e.g., health and workforce 30% 2 (27%) →
Figures represent how often a risk issues, restrictions on movement, cancellation of
was selected as a percentage of all
responses for that industry sector
events)
Respondents: 23 3 Natural catastrophes (e.g., storm, flood, 22% 4 (23%) ↑
Figures don’t add up to 100% as up to earthquake, wildfire, extreme weather events)
three risks could be selected
NEW New entry in the top 5 risks 4 Cyber incidents (e.g., cyber crime, IT network and 17% 1 (33%) ↓
service disruptions, malware / ransomware, data
breaches, fines, and penalties)
4 New technologies (e.g., risk impact of artificial 17% NEW ↑
intelligence, connected / autonomous vehicles,
lithium-ion batteries, electric vehicles, Metaverse)

33
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 5 risks in Rank Percent 2023 rank Trend

Financial services 1 Cyber incidents (e.g., cyber crime, IT network and 43% 1 (42%) →
Source: Allianz Commercial service disruptions, malware / ransomware, data
Figures represent how often a risk breaches, fines, and penalties)
was selected as a percentage of all
responses for that industry sector
2 Macroeconomic developments (e.g., inflation, 26% 2 (34%) →
Respondents: 932 deflation, monetary policies, austerity programs)1
Figures don’t add up to 100% as up to 3 Changes in legislation and regulation (e.g., tariffs, 26% 3 (26%) →
three risks could be selected
economic sanctions, protectionism, Euro-zone
NEW New entry in the top 5 risks
disintegration)
1 Macroeconomic developments ranks
higher than changes in legislation and 4 Business interruption (incl. supply 22% 5 (21%) ↑
regulation based on the actual number of
responses chain disruption)2
2 Business interruption ranks higher than
natural catastrophes based on the actual 5 Natural catastrophes (e.g., storm, flood, 22% NEW ↑
number of responses
earthquake, wildfire, extreme weather events)

Top 5 risks in Rank Percent 2023 rank Trend

Food and beverages 1 Business interruption (incl. supply chain disruption) 53% 1 (44%) →
(manufacturing 2 Cyber incidents (e.g., cyber crime, IT network and 36% 2 (37%) →
and supply) service disruptions, malware / ransomware, data
breaches, fines, and penalties)
Source: Allianz Commercial
Figures represent how often a risk 3 Climate change (e.g., physical, operational, and 21% 5 (19%) ↑
was selected as a percentage of all financial risks as a result of global warming)
responses for that industry sector
Respondents: 47 4 Energy crisis (e.g., supply shortage / outage, 19% 3 (30%) ↓
Figures don’t add up to 100% as up to price fluctuations)
three risks could be selected
4 Product recall, quality management, serial defects 19% NEW ↑
NEW New entry in the top 5 risks

Top 5 risks in Rank Percent 2023 rank Trend

Government, 1 Cyber incidents (e.g., cyber crime, IT network and 37% 2 (27%) ↑
public services service disruptions, malware / ransomware, data
(incl. healthcare) breaches, fines, and penalties)
2 Shortage of skilled workforce 29% NEW ↑
Source: Allianz Commercial
Figures represent how often a risk 3 Changes in legislation and regulation (e.g., tariffs, 23% NEW ↑
was selected as a percentage of all economic sanctions, protectionism, Euro-zone
responses for that industry sector
disintegration)
Respondents: 35
Figures don’t add up to 100% as up to 3 Macroeconomic developments (e.g., inflation, 23% 4 (23%) ↑
three risks could be selected deflation, monetary policies, austerity programs)
NEW New entry in the top 5 risks
5 Natural catastrophes (e.g., storm, flood, 20% NEW ↑
earthquake, wildfire, extreme weather events)

34
 ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 5 risks in Rank Percent

Heavy industry 1 Business interruption (incl. supply chain disruption) 58%
NEW 2 Climate change (e.g., physical, operational, and financial risks as a 42%
Source: Allianz Commercial result of global warming)
Figures represent how often a risk 3 Cyber incidents (e.g., cyber crime, IT network and service 32%
was selected as a percentage of all
responses for that industry sector
disruptions, malware / ransomware, data breaches, fines, and
Respondents: 19 penalties)
Figures don’t add up to 100% as up to 4 Energy crisis (e.g., supply shortage / outage, price fluctuations) 26%
three risks could be selected
5 Critical infrastructure blackouts (e.g., power disruption) or failures 21%
(e.g., aging dams, bridges, rail tracks)

Top 5 risks in Rank Percent 2023 rank Trend

Hospitality, leisure, 1 Cyber incidents (e.g., cyber crime, IT network and 36% NEW ↑
tourism service disruptions, malware / ransomware, data
breaches, fines, and penalties)
Source: Allianz Commercial
Figures represent how often a risk 2 Business interruption (incl. supply chain disruption) 22% 1 (33%) ↓
was selected as a percentage of all
responses for that industry sector
2 Changes in legislation and regulation (e.g., tariffs, 22% NEW ↑
Respondents: 36 economic sanctions, protectionism, Euro-zone
Figures don’t add up to 100% as up to disintegration)
three risks could be selected
2 Macroeconomic developments (e.g., inflation, 22% NEW ↑
NEW New entry in the top 5 risks
deflation, monetary policies, austerity programs)
2 Natural catastrophes (e.g., storm, flood, 22% 2 (25%) →
earthquake, wildfire, extreme weather events)

Top 5 risks in Rank Percent 2023 rank Trend

Manufacturing 1 Business interruption (incl. supply chain disruption) 42% 1 (65%) →
(automotive) 2 Cyber incidents (e.g., cyber crime, IT network and 38% 2 (38%) →
Source: Allianz Commercial service disruptions, malware / ransomware, data
Figures represent how often a risk breaches, fines, and penalties)
was selected as a percentage of all
responses for that industry sector
3 Product recall, quality management, serial defects 32% NEW ↑
Respondents: 60 4 New technologies (e.g., risk impact of artificial 30% NEW ↑
Figures don’t add up to 100% as up to intelligence, connected / autonomous vehicles,
three risks could be selected
lithium-ion batteries, electric vehicles, Metaverse)
NEW New entry in the top 5 risks
5 Natural catastrophes (e.g., storm, flood, 22% NEW ↑
earthquake, wildfire, extreme weather events)

35
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 5 risks in Rank Percent

Manufacturing 1 Business interruption (incl. supply chain disruption) 44%
(other industries) 2 Natural catastrophes (e.g., storm, flood, earthquake, wildfire, 34%
NEW extreme weather events)
Source: Allianz Commercial 3 Cyber incidents (e.g., cyber crime, IT network and service 32%
Figures represent how often a risk disruptions, malware / ransomware, data breaches, fines, and
was selected as a percentage of all penalties)
responses for that industry sector
Respondents: 108 4 Fire, explosion 31%
Figures don’t add up to 100% as up to 5 Macroeconomic developments (e.g., inflation, deflation, monetary 18%
three risks could be selected
policies, austerity programs)

Top 5 risks in Rank Percent 2023 rank Trend

Marine and 1 Fire, explosion 34% 1 (29%) →
shipping 2 Natural catastrophes (e.g., storm, flood, 30% 4 (23%) ↑
Source: Allianz Commercial earthquake, wildfire, extreme weather events)
Figures represent how often a risk 3 Changes in legislation and regulation (e.g., tariffs, 23% 2 (25%) ↓
was selected as a percentage of all
responses for that industry sector
economic sanctions, protectionism, Euro-zone
Respondents: 80 disintegration)
Figures don’t add up to 100% as up to 3 Political risks and violence (e.g., political instability, 23% NEW ↑
three risks could be selected
war, terrorism, coup d’état, civil commotion,
NEW New entry in the top 5 risks
strikes, riots, looting)
5 Business interruption (incl. supply chain disruption) 21% 4 (23%) ↓

Top 5 risks in Rank Percent 2023 rank Trend

Media 1 Cyber incidents (e.g., cyber crime, IT network and 44% 1 (56%) →
Source: Allianz Commercial service disruptions, malware / ransomware, data
Figures represent how often a risk breaches, fines, and penalties)
was selected as a percentage of all
responses for that industry sector
2 Climate change (e.g., physical, operational, and 25% NEW ↑
Respondents: 16 financial risks as a result of global warming)
Figures don’t add up to 100% as up to 2 Macroeconomic developments (e.g., inflation, 25% NEW ↑
three risks could be selected
deflation, monetary policies, austerity programs)
NEW New entry in the top 5 risks
2 Market developments (e.g., intensified competition 25% NEW ↑
/ new entrants, M&A, market stagnation,
market fluctuation)
5 Critical infrastructure blackouts (e.g., power 19% NEW ↑
disruption) or failures (e.g., aging dams, bridges,
rail tracks)

36
 ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 5 risks in Rank Percent 2023 rank Trend

Oil and gas 1 Business interruption (incl. supply chain disruption) 45% 1 (50%) →
Source: Allianz Commercial 2 Energy crisis (e.g., supply shortage / outage, 34% 2 (37%) →
Figures represent how often a risk price fluctuations)
was selected as a percentage of all
responses for that industry sector 3 Climate change (e.g., physical, operational, and 32% 4 (27%) ↑
Respondents: 47 financial risks as a result of global warming)
Figures don’t add up to 100% as up to
three risks could be selected
4 Fire, explosion 26% 4 (27%) →
NEW New entry in the top 5 risks 5 Natural catastrophes (e.g., storm, flood, 23% NEW ↑
earthquake, wildfire, extreme weather events)

Top 5 risks in Rank Percent 2023 rank Trend

Power and utilities 1 Business interruption (incl. supply chain disruption) 45% 1 (39%) →
Source: Allianz Commercial 2 Energy crisis (e.g., supply shortage / outage, 35% 2 (36%) →
Figures represent how often a risk price fluctuations)
was selected as a percentage of all
responses for that industry sector 3 Cyber incidents (e.g., cyber crime, IT network and 31% 4 (30%) ↑
Respondents: 65 service disruptions, malware / ransomware, data
Figures don’t add up to 100% as up to breaches, fines, and penalties)
three risks could be selected
NEW New entry in the top 5 risks 4 Natural catastrophes (e.g., storm, flood, 28% 2 (36%) ↓
earthquake, wildfire, extreme weather events)
5 Fire, explosion 23% NEW ↑

Top 5 risks in Rank Percent 2023 rank Trend

Professional 1 Cyber incidents (e.g., cyber crime, IT network and 47% 1 (45%) →
services (e.g., service disruptions, malware / ransomware, data
legal) breaches, fines, and penalties)
2 Business interruption (incl. supply chain disruption) 29% NEW ↑
Source: Allianz Commercial
Figures represent how often a risk 3 Changes in legislation and regulation (e.g., tariffs, 24% 3 (21%) →
was selected as a percentage of all economic sanctions, protectionism, Euro-zone
responses for that industry sector
disintegration)
Respondents: 101
Figures don’t add up to 100% as up to 4 Climate change (e.g., physical, operational, and 23% NEW ↑
three risks could be selected financial risks as a result of global warming)
NEW New entry in the top 5 risks
5 Market developments (e.g., intensified competition 20% NEW ↑
/ new entrants, M&A, market stagnation,
market fluctuation)

37
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 5 risks in Rank Percent 2023 rank Trend

Renewable energy 1 Business interruption (incl. supply chain disruption) 63% 1 (58%) →
Source: Allianz Commercial 2 Natural catastrophes (e.g., storm, flood, 30% 2 (42%) →
Figures represent how often a risk earthquake, wildfire, extreme weather events)
was selected as a percentage of all
responses for that industry sector 3 Climate change (e.g., physical, operational, and 27% 4 (21%) ↑
Respondents: 30 financial risks as a result of global warming)
Figures don’t add up to 100% as up to
three risks could be selected
4 Fire, explosion 23% NEW ↑
NEW New entry in the top 5 risks 5 Critical infrastructure blackouts (e.g., power 17% NEW ↑
disruption) or failures (e.g., aging dams, bridges,
rail tracks)

Top 5 risks in Rank Percent 2023 rank Trend

Retail and 1 Business interruption (incl. supply chain disruption) 38% 1 (42%) →
wholesale 2 Natural catastrophes (e.g., storm, flood, 31% NEW ↑
Source: Allianz Commercial earthquake, wildfire, extreme weather events)
Figures represent how often a risk 3 Cyber incidents (e.g., cyber crime, IT network and 25% 3 (28%) →
was selected as a percentage of all
responses for that industry sector
service disruptions, malware / ransomware, data
Respondents: 61 breaches, fines, and penalties)
Figures don’t add up to 100% as up to 4 Fire, explosion 20% 5 (17%) ↑
three risks could be selected
NEW New entry in the top 5 risks 4 Macroeconomic developments (e.g., inflation, 20% 2 (31%) ↓
deflation, monetary policies, austerity programs)

Top 5 risks in Rank Percent 2023 rank Trend

Technology 1 Cyber incidents (e.g., cyber crime, IT network and 54% 1 (50%) →
Source: Allianz Commercial service disruptions, malware / ransomware, data
Figures represent how often a risk breaches, fines, and penalties)
was selected as a percentage of all
responses for that industry sector
2 New technologies (e.g., risk impact of artificial 35% 3 (25%) ↑
Respondents: 69 intelligence, connected / autonomous vehicles,
Figures don’t add up to 100% as up to lithium-ion batteries, electric vehicles, Metaverse)
three risks could be selected
3 Business interruption (incl. supply chain disruption) 33% 2 (42%) ↓
4 Changes in legislation and regulation (e.g., tariffs, 22% 5 (22%) ↑
economic sanctions, protectionism, Euro-zone
disintegration)
5 Macroeconomic developments (e.g., inflation, 17% 4 (23%) ↓
deflation, monetary policies, austerity programs)

38
 ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 5 risks in Rank Percent 2023 rank Trend

Telecommunications 1 Cyber incidents (e.g., cyber crime, IT network and 67% 1 (80%) →
Source: Allianz Commercial service disruptions, malware / ransomware, data
Figures represent how often a risk breaches, fines, and penalties)
was selected as a percentage of all
responses for that industry sector
2 Business interruption (incl. supply chain disruption) 33% 4 (24%) ↑
Respondents: 33 3 Changes in legislation and regulation (e.g., tariffs, 18% NEW ↑
Figures don’t add up to 100% as up to economic sanctions, protectionism, Euro-zone
three risks could be selected
disintegration)
NEW New entry in the top 5 risks
3 Energy crisis (e.g., supply shortage / outage, 18% NEW ↑
price fluctuations)
3 Natural catastrophes (e.g., storm, flood, 18% 5 (20%) ↑
earthquake, wildfire, extreme weather events)

Top 5 risks in Rank Percent 2023 rank Trend

Transportation 1 Changes in legislation and regulation (e.g., tariffs, 29% 2 (25%) ↑
and logistics economic sanctions, protectionism, Euro-zone
disintegration)
Source: Allianz Commercial
Figures represent how often a risk 1 Theft, fraud, corruption 29% NEW ↑
was selected as a percentage of all
responses for that industry sector
3 Business interruption (incl. supply chain disruption) 26% 5 (23%) ↑
Respondents: 73 4 Cyber incidents (e.g., cyber crime, IT network and 23% 2 (25%) ↓
Figures don’t add up to 100% as up to service disruptions, malware / ransomware, data
three risks could be selected
breaches, fines, and penalties)
NEW New entry in the top 5 risks
5 Natural catastrophes (e.g., storm, flood, 22% NEW ↑
earthquake, wildfire, extreme weather events)

39
ALLIANZ RISK BAROMETER 2024 APPENDIX

The most
important
business risks
by company size
in 2024

40
 ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks for Rank Percent 2023 rank Trend

Large-size 1 Cyber incidents (e.g., cyber crime, IT network and 41% 2 (39%) ↑
companies* service disruptions, malware / ransomware, data
breaches, fines, and penalties)
*>US$500mn annual revenue
Source: Allianz Commercial 2 Business interruption (incl. supply chain disruption) 36% 1 (41%) ↓
Figures represent how often a risk 3 Natural catastrophes (e.g., storm, flood, 26% 4 (23%) ↑
was selected as a percentage of all
responses for that company size earthquake, wildfire, extreme weather events)
Respondents: 1,340 4 Climate change (e.g., physical, operational, and 23% 6 (21%) ↑
Figures don’t add up to 100% as up to financial risks as a result of global warming)
three risks could be selected
NEW New entry in the top 10 risks 5 Changes in legislation and regulation (e.g., tariffs, 20% 7 (18%) ↑
1 Macroeconomic developments ranks economic sanctions, protectionism, Euro-zone
higher than fire, explosion based on disintegration)
the actual number of responses
6 Macroeconomic developments (e.g., inflation, 17% 3 (24%) ↓
deflation, monetary policies, austerity programs)1
7 Fire, explosion 17% 9 (13%) ↑
8 Political risks and violence (e.g., political instability, 16% 8 (14%) →
war, terrorism, coup d’état, civil commotion,
strikes, riots, looting)
9 Energy crisis (e.g., supply shortage / outage, 12% 5 (21%) ↓
price fluctuations)
9 New technologies (e.g., risk impact of artificial 12% NEW ↑
intelligence, connected / autonomous vehicles,
lithium-ion batteries, electric vehicles, Metaverse)

Top 10 risks for Rank Percent 2023 rank Trend

Mid-size 1 Cyber incidents (e.g., cyber crime, IT network and 34% 2 (29%) ↑
companies* service disruptions, malware / ransomware, data
breaches, fines, and penalties)
*US$100mn+ to US$500mn annual
revenue 2 Business interruption (incl. supply chain disruption) 33% 1 (35%) ↓
Mid-size companies classified as
US$250mn to US$500mn annual
3 Natural catastrophes (e.g., storm, flood, 29% 6 (18%) ↑
revenue in Allianz Risk Barometer 2023 earthquake, wildfire, extreme weather events)
Source: Allianz Commercial
4 Fire, explosion 20% 8 (16%) ↑
Figures represent how often a risk
was selected as a percentage of all 5 Macroeconomic developments (e.g., inflation, 17% 4 (23%) ↓
responses for that company size
deflation, monetary policies, austerity programs)
Respondents: 792
Figures don’t add up to 100% as up to
6 Climate change (e.g., physical, operational and 16% 9 (14%) ↑
three risks could be selected financial risks as a result of global warming)1
NEW New entry in the top 10 risks
7 Changes in legislation and regulation (e.g., tariffs, 16% 5 (20%) ↓
1 Climate change ranks higher than
changes in legislation and regulation economic sanctions, protectionism, Euro-zone
based on the actual number of disintegration)
responses
2 Market developments ranks higher
8 Market developments (e.g., intensified competition 14% NEW ↑
than political risks and violence based / new entrants, M&A, market stagnation,
on the actual number of responses
market fluctuation)2
9 Political risks and violence (e.g., political instability, 14% 10 (12%) ↑
war, terrorism, coup d’état, civil commotion,
strikes, riots, looting)
10 Shortage of skilled workforce 12% 7 (17%) ↓

41
ALLIANZ RISK BAROMETER 2024 APPENDIX

Top 10 risks for Rank Percent 2023 rank Trend

Smaller 1 Cyber incidents (e.g., cyber crime, IT network and 32% 1 (31%) →
companies* service disruptions, malware / ransomware, data
breaches, fines, and penalties)
*<US$100mn annual revenue
Smaller companies classified as being 2 Natural catastrophes (e.g., storm, flood, 24% 7 (15%) ↑
<US$250mn annual revenue in Allianz earthquake, wildfire, extreme weather events)
Risk Barometer 2023
Source: Allianz Commercial 3 Business interruption (incl. supply 23% 3 (23%) →
Figures represent how often a risk chain disruption)1
was selected as a percentage of all
responses for that company size 4 Macroeconomic developments (e.g., inflation, 23% 2 (28%) ↓
Respondents: 937 deflation, monetary policies, austerity programs)
Figures don’t add up to 100% as up to 5 Changes in legislation and regulation (e.g., tariffs, 21% 5 (20%) →
three risks could be selected
economic sanctions, protectionism, Euro-zone
1 Business interruption ranks higher
than macroeconomic developments disintegration)
based on the actual number of
responses
6 Fire, explosion 20% 10 (13%) ↑
2 Market developments ranks higher 7 Market developments (e.g., intensified competition 16% 9 (14%) ↑
than shortage of skilled workforce
based on the actual number of
/ new entrants, M&A, market stagnation,
responses market fluctuation)2
8 Shortage of skilled workforce 16% 6 (17%) ↓
9 Climate change (e.g., physical, operational, and 13% 8 (15%) ↓
financial risks as a result of global warming)
9 Energy crisis (e.g., supply shortage / outage, 13% 4 (23%) ↓
price fluctuations)

42
For more information contact [Link]@[Link]
Follow Allianz Commercial on
Twitter / X @Allianz_COMML and
LinkedIn
#ARB2024

[Link]

Disclaimer & Copyright

Copyright © 2024 Allianz Commercial / Allianz Global Corporate & Specialty SE. All rights reserved.
The material contained in this publication is designed to provide general information only. Projections are inherently subject to substantial and numerous uncertainties and changes. Inevitably,
some assumptions will not materialize, and unanticipated events and circumstances may affect the projections made in this publication.
While every effort has been made to ensure that the information provided is accurate, this information is provided without any representation or warranty of any kind about its accuracy and Allianz
Global Corporate & Specialty SE cannot be held responsible for any mistakes or omissions.
Allianz Global Corporate & Specialty SE
Dieselstr. 8, 85774 Unterfoehring, Munich, Germany
Images: Adobe Stock / Shutterstock
January 2024