安联风险晴雨表：识别2026年主要商业风险

Identifying the major business risks for 2026 The most important corporate concerns for the yearahead, as ranked by 3,338 risk management experts commercial.allianz.com Methodology The 15thAllianz Risk Barometerincorporates the views of 3,338 respondents from 97 countries andterritories. The annual corporate risk survey was conducted among Allianz customers (businessesaround the globe), brokers and industry trade organizations. It also surveyed risk consultants, Respondents were questioned during October and November 2025. The survey focused on large,smaller and mid-size companies. Respondents were asked to select the industry about which they Most answers were for large companies (>US$500mn annual revenue) [1,471 respondents, 44%].Mid-size companies ($100mn+ to $500mn revenue) contributed 816 respondents (24%), while smallerenterprises (<$100mn revenue) produced 1,051 respondents (31%). Risk experts from 23 industry Ranking changes in theAllianz Risk Barometerare determined by positions year-on-year,not percentages. ↗View the full regional, country and industry risk data Countries and industry sectors need at least 15 respondents to feature in theAllianz Risk Barometerresults appendix. Artificial intelligence risk category was called New technologies (e.g., risk impact of artificial intelligence) in the Allianz Risk Barometer 2025.Talent or labor issues risk category was called Shortage of skilled workforce in the Allianz Risk Barometer 2025. Contents PAGE 4The most important global PAGE 5Risk developments –10 survey snapshots PAGE 6Top concerns around the PAGE 35Insolvency outlook PAGE 369. Fire, explosion PAGE 40Top risks for smallercompanies Themostbusiness risksglobalimportantfor 2026Gorodenkoff / Shutterstock Ranking changes are determined by positions year-on-year, ahead of percentages. Artificial intelligence(e.g., implementation challenges, liability exposures, misinformation / disinformation) Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware /ransomware, data breaches, fines, and penalties) The 15th annualAllianz Risk Barometersurvey was conducted among Allianz customers (globalbusinesses), brokers and industry trade organizations. It also surveyed risk consultants, underwriters,senior managers and claims experts in the corporate insurance segment of Allianz Commercial andBilanol / Shutterstock View the full Allianz Risk Barometer 2026 rankings here Business interruption(incl. supply chain disruption) Natural catastrophes(e.g., storm, flood, earthquake, wildfire) Climate change(e.g., physical, operational and financialrisks as a result of extreme weather) (e.g., tariffs, new directives,sustainability requirements) Macroeconomic developments(e.g., inflation, deflation, monetarypolicies, austerity programs) Political risks and violence(e.g., war, political instability,terrorism, polarization, coup d’état,civil unrest, strikes, riots, looting) Market developments(e.g., intensified competition / new entrants,M&A, market stagnation, market fluctuation) Key 1Fire, explosion ranks higher than market developments based on the actual number of responses2Critical infrastructure blackouts ranks higher than talent or labor issues based on the actual number of responses3Theft, fraud, corruption ranks higher than insolvency based on the actual number of responses4Loss of reputation or brand value ranks higher than biodiversity and nature risks based on the actual number of responses5Biodiversity and nature risks ranks higher than product recall, quality management, serial defects based on the actual number of responses ↑Risk higher than in 2025↓Risk lower than in 2025→No change from 2025(5%)2025 risk ranking % Risk developments – 10 survey snapshots Natural catastrophesdrops to #5 globally, driven by factorssuch as a quieter hurricane season during 2025. However,insured losses caused by cat events still hit US$100bn for thesixth year in a row. Similarly,climate changedrops to #6.Business interruption impact, such as supply chain bottlenecks Cyber incidentsis the top global risk for 2026 and by ahigher margin than ever before – 10% ahead of the closely-linked peril of artificial intelligence (AI). It is the fifth year in arow cyber ranks #1. A decade ago, it ranked only #8. It is the AIclimbs to its highest-ever position of #2, up from #10.Both cyber and AI now rank as top five concerns forcompanies in almost every industry sector. As AI adoptionaccelerates and becomes more deeply embedded in core Political risks and violencerises to its highest ever positionglobally at #7. Unsurprisingly, war is the peril companies aremost worried about, followed by civil unrest, terrorism, andgovernment intervention.Global supply chain paralysisdue to a geopolitical conflict involving multiple major Close to half of respondentsbelieveAIis bringing morebenefits to their industry than risks. However, a fifth say theopposite, while the remainder believe the ju