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Economic risks, business interruption and natural catastrophes top the list of major business risks worrying risk management professionals, according to a new report.
The findings are based on a survey Munich-based Allianz Global Corporate & Specialty conducted of 153 AGCS risk consultants worldwide in the second half of 2011, asking them what they see as the most prevalent risks facing businesses today and in the future.
Economic risk was cited as the top concern of 21% of those surveyed, followed by business interruption by 14%, natural catastrophes by 9%, legal and regulatory risks by 7% and reputational risks by 6%.
Other risks mentioned included business-inherent risks by 5% of those surveyed, political risks by 4% and staff-related risks, environmental risks and fire risks by 3% each.
The report said the survey revealed exposures related to information technology as the “most underestimated risks.” Only 1% of the risk experts surveyed said their clients are concerned with cyber risks.
AGCS, the global corporate and specialty insurer of Allianz S.E., noted that the findings speak to the “systemic interconnectivity of risks,” citing the example of 2011, when natural catastrophes caused worldwide business interruptions against the backdrop of a challenging global economy.
The study can be found at www.agcs.allianz.com.