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Business interruption tops the list of global business risks, according to Allianz Global Corporate & Specialty S.E.'s 2016 Allianz Risk Barometer, released Wednesday.
That was the same rank business interruption held in the 2015 survey. But a newcomer — market developments such as volatility, intensified competition and market stagnation — ranked second. Cyber incidents climbed up from fifth place to third place among the top business risks.
Rounding out the top 10 were natural catastrophes, changes in legislation and regulation, microeconomic developments such as austerity programs, loss of reputation or brand value, fire and explosion, political risk including terrorism, and theft, fraud and corruption.
The fifth annual index result is based on the responses of more than 800 global businesses, risk consultants, underwriters, senior managers and claims experts in the corporate insurance segment in both AGCS and local Allianz offices in October and November of 2015.
Allianz Global Corporate & Specialty said Wednesday that it has launched a North American crisis management division to provide prevention, preparation for and recovery assistance from crisis incidents.