Allianz's Global Risk Barometer is an annual survey of 2,415 CEOs, insurance brokers and risk managers from 86 countries. Because of the large and targeted survey sample, the results offer a pretty good indication of the kind of global risks that are major threats to business success.
"Businesses today simply cannot afford to be without insurance," said Mr Hastie, Director of Sales and Distribution at Resilium. "This is especially the case in today's ever increasing technological environment, where a simple IT incident can bring a business to it's knees."
"You just have to have a simple breakdown of core IT systems, a product recall or even environmental pollution and a business can be brought to a complete halt. The obvious consequence of that is a negative impact on profitability."
While business interruption was ranked in first place, this year 'cyber incidents' joined it in equal first place with 37% of survey interviewees seeing cyber as a serious business risk¹.
"We've seen that cyber incidents are growing at an alarming rate and these are bringing their own business interruption losses," said Mr Hastie.
Indeed, many of those interviewed in the Risk Barometer report viewed 'cyber breaches' as the business interruption risk they dread the most, given that many companies' primary assets are often data, service platforms, or customers and suppliers whose details are stored within their IT systems.
The Global Risk Barometer lists the following as the top 10 business insurance risks for 2019¹:
Resilium Insurance Broking can access more than 100 insurers across the globe, which allows us to offer a wide range of insurance products at competitive rates.
To arrange a quote for business interruption insurance and/or cyber insurance, please contact us today and speak with one of our advisers.
The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Resilium directly.
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