2025 risk landscape: The top challenges, as ranked by businesses around the world

Insights from Allianz Commercial on the most pressing business risks for the year ahead.?

The Allianz Risk Barometer 2025, the 14th edition of our annual global survey, reveals critical insights into the evolving risk landscape faced by businesses worldwide. Drawing on the perspectives of over 3,700 risk management experts from 106 countries, this year’s findings highlight the increasing complexity and interconnectivity of risks. Cyber incidents, business interruption, and natural catastrophes dominate concerns, while climate change achieves its highest-ever ranking.

5 risk takeaways

1. Cyber incidents: A persistent threat? Ranking #1 for the fourth consecutive year, cyber incidents (38% of responses) remains the top global risk, reflecting increased vulnerabilities due to advancements in AI and the proliferation of ransomware attacks. Data breaches are the most feared exposure, emphasizing the urgent need for robust cyber security measures.?
2. Business interruption: A complex challenge? Retaining its #2 position (31%), business interruption underscores the cascading effects of events such as supply chain disruptions, IT outages, and geopolitical tensions. Key strategies for mitigation include diversifying supplier networks and improving business continuity management.?
3. Natural catastrophes: An ever-present peril? Ranking #3 (29%), natural catastrophes highlight the need for enhanced resilience against extreme weather events. For the fifth consecutive year, insured losses surpassed US$100bn in 2024, driven by hurricanes, floods, and wildfires.?
4. Climate change: A rising concern? Achieving its highest-ever position at #5 (19%), climate change reflects heightened awareness of acute and chronic physical impacts. Companies are increasingly focused on their decarbonization strategies, investing in resilience measures, and climate risk assessments.?
5. A new entrant in the top 10 global risks? The rapid development of AI propels "new technologies" into the top 10 at #10, underscoring both the opportunities and challenges presented by technological advancements.

Regional and industry perspectives?

• Cyber risks dominate across regions, ranking as the top concern in Europe, the Americas, and Africa.?

• Business interruption emerges as the primary risk concern in Asia-Pacific.?
• Industry-specific insights reveal cyber incidents is the top risk in sectors such as financial services and telecommunications, while natural catastrophes top the ranking in the construction and shipping sectors.

Expert Commentary?

Vanessa Maxwell , Chief Underwriting Officer at Allianz Commercial , notes: “What stands out this year is the interconnectivity of the top risks. Climate change, emerging technology, regulation and geopolitical risks are increasingly intertwined, resulting in a complex network of cause and effect. Businesses need to adopt a holistic approach to risk management and consistently strive to enhance their resilience in order to address these fast-evolving risks.”?

Want to learn more about the top risks shaping the global business landscape in 2025??

• Click here: Allianz Risk Barometer | Allianz Commercial?

• Watch our video that highlights the top 10 global business risks for 2025: What keeps business leaders up at night?

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