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Allianz has published its 14th Risk Barometer for the year 2025. The survey was based on input from 3 778 experts in 106 countries and territories.
For the fourth year running, cyber incidents remain the biggest threat to large, medium and small companies (38% of responses).
Business interruption and natural catastrophes have maintained their respective second and third positions.
Climate change, which is tightly linked to natural catastrophes, recorded the strongest progression, climbing from 7th to 5th place in the barometer.
A new risk has made its way into the top 10 threats. This concerns new technologies and developments based on artificial intelligence.
Top 10 global business risks
| 2025 ranking | 2024 ranking | Top 10 risks in 2025 | % of respondents in 2025 | % of respondents in 2024 |
|---|---|---|---|---|
| 1 | 1 | Cyber incidents | 38% | 36% |
| 2 | 2 | Business interruption | 31% | 31% |
| 3 | 3 | Natural catastrophes | 29% | 26% |
| 4 | 4 | Changes in legislation and regulation | 25% | 19% |
| 5 | 7 | Climate change | 19% | 18% |
| 6 | 6 | Fire/ explosion | 17% | 19% |
| 7 | 5 | Macroeconomic developments | 15% | 19% |
| 8 | 9 | Market developments | 14% | 13% |
| 9 | 8 | Political risks and violence | 14% | 14% |
| 10 | - | New technologies | 10% | - |
