Annual report | January 2026
The most important corporate concerns for the year ahead, as ranked by 3,338 risk management experts from 97 countries and territories.
The Allianz Risk Barometer tracks the most important corporate concerns for the year ahead, as voted for by 3,338 risk management experts from almost 100 countries and territories. Which are the main perils expected to occupy the thoughts of risk management practitioners in 2026?
Cyber incidents again ranks as the top global risk for 2026, followed by the closely linked peril of artificial intelligence (AI) which climbs from #10 last year. Both cyber and AI now rank as top five risks in every region and almost all the industry sectors analyzed in this year's survey.
Business interruption (incl. supply chain disruption) drops slightly to #3, having ranked either #1 or #2 in every Allianz Risk Barometer for the past 15 years. It remains a key concern at a time when operations and supply chains are under unprecedented pressure from a combination of geopolitical, digital and climate change-related risks - all of which feature in this year's top 10 global concerns.
These risks are not expected to recede any time soon - in fact the impact of geopolitical tensions, extreme weather events, and technological innovation is only likely to intensify in the years ahead. As a result, businesses large and small will need to double-down on their efforts to bolster resilience. However, just 3% of respondents in this year's survey view their supply chains as "very resilient".
"AI is the big mover in the Allianz Risk Barometer 2026," explains Michael Bruch, Global Head of Risk Consulting Advisory Services, Allianz Commercial. "Its rapid evolution and adoption are reshaping the risk landscape, making it a standout risk for businesses worldwide. Yet in many ways, it could be seen as just another risk to add to the growing list of challenges for businesses. However, AI's transformative potential means it cannot be underestimated. As the results show, many of the top perils are interconnected and highly complex risks that will impact every organization in 2026.
"Those businesses that can develop integrated risk management and resilience strategies - that are forward-looking, strategic, and functional, and agile enough to adapt to rapid change - will be best placed to capture opportunities presented by transformative technologies and seismic changes in geopolitical and societal trends."
The video highlights the top 10 global business risks for 2026.
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The figures in this infographic represent how often a risk was selected as a percentage of all survey responses from 3,338 respondents.
Source: Allianz Commercial
Join our experts on February 4 from 4 - 5 pm CET, as they discuss the biggest risks businesses will face in 2026 and beyond, identified by 3,338 experts from 97 countries and territories. During the 1h session our leading experts will discuss the insights from our annual Allianz Risk Barometer report, and share how companies can be best prepared for the upcoming challenges.
If you would like to participate in the event, feel free to sign up using the registration link below:
Participants from Germany, Austria or Switzerland can receive a personal certificate (IDD) upon request.
If you are interested, please send us an informal e-mail to az.commercial.gersui.distribution@allianz.com with your contact details in advance.
Cyber incidents is the top global risk for 2026 and by a higher margin than ever before - 10% ahead of the closely-linked peril of artificial intelligence (AI). It is the fifth year in a row cyber ranks #1. A decade ago, it ranked only #8. It is the top risk across all company sizes (large, mid-sized and small).
AI climbs to its highest-ever position of #2, up from #10. Both cyber and AI now rank as top five concerns for companies in almost every industry sector. As AI adoption accelerates and becomes more deeply embedded in core business operations, respondents expect related risks to intensify.
Business interruption and supply chain disruption drops to #3 from #2 but this peril remains a significant concern given it can be a consequence of other risks in the global top 10. Geopolitical risks are putting supply chains under increasing pressure, but as risks rise, just 3% of respondents view their supply chains as "very resilient".
Changes in legislation and regulation remains at #4. However, there is an increase in the share of respondents, driven by concerns over factors such as tariffs. The top actions companies are taking to address their impact is to explore new markets and products, as well as looking at renegotiating and diversifying supply chains.
Natural catastrophes drops to #5 globally, driven by factors such as a quieter hurricane season during 2025. However, insured losses caused by cat events still hit US$100bn for the sixth year in a row.
Climate change drops to #6. Business interruption impact, such as supply chain bottlenecks and disruption of logistics due to extreme weather events, is the main climate-related business concern for respondents.
Political risks and violence rises to its highest ever position globally at #7. Unsurprisingly, war is the peril companies are most worried about, followed by civil unrest, terrorism, and government intervention. Global supply chain paralysis due to a geopolitical conflict involving multiple major economies ranks as the most plausible "black swan" scenario respondents believe could impact their company in the next five years.
Macroeconomic developments drops to #8 with the global economy showing impressive resilience heading into 2026. However, the deeper story is one of shifting growth engines and rising complexity. Against a backdrop of heightened policy and geopolitical uncertainty, global momentum will increasingly be shaped by forces such as trade and migration constraints, the rapid acceleration of AI and a comeback of industrial policy.
Few things can be more destructive and disruptive than fire, explosion, a perennial top 10 business risk, ranking #9 globally in 2026.
Market developments completes the top 10 at #10, with participants cautious about the potential for an emerging AI bubble.
Smaller companies lack the resources to tackle challenging risks like AI. Unlike larger companies, smaller firms tend to adopt cost-effective, scalable solutions and are therefore more reliant on third parties for their digital infrastructure, have fewer resources to invest in cyber security and resilience, and are less able to absorb the impact of a successful attack.
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The 15th Allianz Risk Barometer incorporates the views of 3,338 respondents from 97 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 2025. 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 companies (>US$500mn annual revenue) [1,471 respondents, 44%]. Mid-size companies ($100mn+ to $500mn revenue) contributed 816 respondents (24%), while smaller enterprises (<$100mn revenue) produced 1,051 respondents (31%). Risk experts from 23 industry sectors were featured.
Ranking changes in the Allianz Risk Barometer are determined by positions year-on-year, not percentages.
3,338 respondents
97 countries and territories
23 industry sectors
Countries and industry sectors need at least 15 respondents to feature in the Allianz Risk Barometer Appendix results document.
Pictures: Adobe Stock, Shutterstock
The Allianz Risk Barometer is an annual survey of business risks. Download previous reports here:
Allianz Risk Barometer 2026 | Expert risk article
Risk in focus: Natural catastrophesNatural catastrophes drops to #5 globally, driven by factors such as a quieter hurricane season during 2025. However, insured losses caused by cat events still hit US$100bn for the sixth year in a row.
Read moreAllianz Risk Barometer 2026 | Expert risk article
Risk in focus: Climate changeBusiness interruption impact, such as supply chain bottlenecks and disruption of logistics due to extreme weather events, is the main climate-related business concern for respondents.
Read moreAllianz Risk Barometer 2026 | Expert risk article
Risk in focus: Business interruptionBusiness interruption and supply chain disruption drops to #3 from #2 but this peril remains a significant concern given it can be a consequence of other risks in the global top 10.
Read moreAllianz Risk Barometer 2026 | Expert risk article
Risk in focus: Political risks and violencePolitical risks and violence rises to its highest ever position globally. Unsurprisingly, war is the peril companies are most worried about.
Read moreAllianz Risk Barometer 2026 | Expert risk article
Risk in focus: Fire, explosionFew things can be more destructive and disruptive than fire, explosion, a perennial top 10 business risk, ranking #9 globally in 2026.
Read moreAllianz Risk Barometer 2026 | Expert risk article
Risk in focus: Changes in legislation and regulationChanges in legislation and regulation remains at #4. However, there is an increase in the share of respondents, driven by concerns over factors such as tariffs.
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Allianz Risk Barometer 2026Cyber incidents created many headlines in 2025 and are still the biggest worry for companies globally in 2026, according to the Allianz Risk Barometer.
Read moreAllianz Risk Barometer 2026 | Expert risk article
Top risks for smaller companiesSmaller companies lack the resources to tackle challenging risks like AI.
Read moreAllianz Risk Barometer 2026 | Expert risk article
Risk in focus: Macroeconomic developmentsMacroeconomic developments drops to #8 with the global economy showing impressive resilience heading into 2026.
Read moreAllianz Risk Barometer 2026 | Expert risk article
Risk in focus: Market developmentsFollowing another strong year for equity and M&A markets, businesses appear slightly more relaxed about market risks, with this risk dropping from #8 to #10 year-on-year.
Read moreAllianz Risk Barometer 2026 | Expert risk article
Risk in focus: Cyber incidentsCyber incidents is the top global risk for 2026 and by a higher margin than ever before - 10% ahead of the closely-linked peril of artificial intelligence (AI).
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Allianz SE published this content on January 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on January 14, 2026 at 11:06 UTC.
