What are the biggest business risks of 2022? Experts explain

More than 40 percent of experts surveyed by Allianz Global Corporate & Specialty think that cyber crime and business interruption will be the biggest business risks in 2022. As our chart shows, natural catastrophes and the effects of climate change have also gained importance as factors influencing global business dealings.

While extreme weather events were once thought to happen only in a select few places especially vulnerable to hazards like tornados, hurricanes or earthquakes, the rising threat of what a majority of scientists see as irreversible climate change outcomes has turned the whole world into a potentially hazardous zone. According to insurance company Aon, natural disasters cost the world $238 billion in 2021, of which only $108 billion were insured. This is just one of the reasons why natural catastrophes jumped up to third place with 25 percent of respondents deeming it relevant this upcoming year, an annual increase of eight percent. Apart from malware attacks plaguing governments and businesses around the world, the global chip shortage and resource scarcity accelerated by the coronavirus pandemic is not only considered the second-biggest risk for this year, but will also most likely be a talking point in 2023 and beyond. This could further be exacerbated by a new pandemic outbreak due to new variants or other viruses – a risk that isn't seen as relevant as in 2021, but still relevant enough to be cause for concern.

The Allianz Risk Barometer is an annual survey conducted amongst experts in Europe, the Americas, Asia, Africa and the Middle East. It mirrors the views of not only risk advisors and claim specialists of Allianz Global Corporate & Specialty and other branches, but also decision-makers in global companies, brokers and industry trade groups.