Asia Pacific: Business interruption tops 2016 Allianz Risk Barometer
Source: Asia Insurance Review | Feb 2016
In the Asia Pacific region, business interruption ranks as the top risk, with market developments in second place, according to the 2016 Allianz Risk Barometer published by Allianz SE and Allianz Global Corporate & Specialty SE (AGCS).
In terms of market developments, businesses are concerned about intensified competition from new market entrants and increasingly competitive pricing in some emerging territories. At the same time businesses are having to adapt in order to service the changing profile and needs of their customer base, as the so-called “millennial” generation comes of age.
Cyber risk is also a big mover, ranking fifth in Asia Pacific.
While business interruption continued to be rated as the top risk as in 2015, several of the risks listed in the top 10 this year did not appear in the list last year. These are: market developments, macroeconomic developments, cyber incidents and political risks.
The 2016 Allianz Risk Barometer is the fifth annual study. There were a record 824 respondents from a total of 44 countries. Participants were asked to name industries about which they are particularly knowledgeable and then name up to three risks they believe to be of most importance.