Cyber incidents have topped Allianz's risk rankings for the fifth consecutive year, with 42 percent of surveyed risk experts identifying them as the greatest threat. However, AI saw the most significant leap, climbing from tenth to second place, according to the "Risk Barometer" published on Wednesday. For the first time, business interruptions dropped out of the top two positions, landing in third place. The annual study surveyed around 3,300 professionals across 97 countries.
The picture in Germany is slightly different. While cyber-attacks and operational disruptions also top the risk perception rankings, changes in legislation and regulation have jumped to third place, pointing to growing concerns about increased bureaucracy. AI risks have newly entered the German ranking in fourth place. Surprisingly, according to the report, political risks and violence have slipped from sixth to tenth place, despite a recent spate of politically motivated attacks on infrastructure such as the railway system or Berlin's power grid.
AI technology is fundamentally transforming the risk landscape, said Thomas Lillelund, CEO of Allianz Commercial. According to Allianz Chief Economist Ludovic Subran, the adoption of AI is progressing in many cases faster than governance and corporate culture can keep pace. This is creating new liability risks, such as those arising from automated decisions or the misuse of intellectual property.
The concern about business interruptions is closely linked to geopolitical risks, which have climbed to seventh place in the global ranking, the report states. Protectionist trade policies and regional conflicts are increasingly putting pressure on supply chains. In 2025 alone, trade restrictions are expected to have tripled, affecting goods worth an estimated $2.7 trillion. This amounts to nearly 20 percent of global imports.
(Reporting by Klaus Lauer, edited by Myria Mildenberger; - For inquiries, please contact our newsroom at berlin.newsroom@thomsonreuters.com (for politics and economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)
