IRM cites oil prices, potential U.K. withdrawal from E.U. as key 2015 risks
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Political instability caused by low oil prices, increased shareholder activism and the threat to business caused by a potential U.K. withdrawal from the European Union are among the chief risk concerns for U.K. businesses in 2015, the Institute of Risk Management said Tuesday.
Members of the London-based IRM, an educational body for risk management professionals, were asked to predict key risk areas for 2015.
Members cited political upheaval in oil- and gas-producing countries as a major risk, particularly because financial pressures on the sector could result in risk of a major accident, the IRM said in a statement.
An uncertain political environment in the United Kingdom, which will have an election in 2015, also was cited as a major risk for businesses.
The potential for the United Kingdom to leave the European Union as a result of the general election could cause great political upheaval and could, for example, force a second election, according to IRM members.
Health care issues such as the Ebola outbreak, obesity and drug- and alcohol-related problems also could pose big risks in 2015, IRM members noted.
A continued soft insurance market could threaten the profitability of U.K. insurance companies in 2015, the members also noted.
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