The UK’s top 10 most important risks for businesses
6th September, 2018
Each year Allianz Insurance conduct a survey based on risks that are rated important to businesses in over 80 countries.
The UK has voted the following as the most important risks for their businesses:
1. Cyber incidents
• 1st place for the third consecutive year
• Unsurprising considering WannaCry and Petya hackings and with the digital world constantly evolving
• Read more about preventing a cyber-attack here
2. Changes in legislation and regulations
• Moved up from rank 5 the previous year
• With Brexit on the horizon, this was to be expected
3. Business interruption
• Ranking at position 2 the previous year, down 1 place
• Perhaps due to the whole array of causes: flooding and storm damage, from cyber threats and so forth
4. Loss of reputation or brand value
• Same ranking as last year
• Could be due to social media making it easy to spread the word
5. Market developments
• Same ranking as previous year
• Everything is moving at a fast pace and businesses worry about staying on top of it
6. New technologies
• Up two rankings from the previous year
• The idea that new technologies increase the likelihood of cyber threats
7. Natural catastrophes
• A category that didn’t make the top 10 last year
• Anticipated after severe flooding and unexpected heavy snowfall causing disruption to day-to-day running of businesses
• Read more about our tips for reducing flood damage here
8. Political risks and violence
• Up one ranking compared to last year
• Due to increased large-scale terrorist attacks such as Manchester Arena and Westminster Bridge
9. Fire and explosion
• Another new category to make the top 10
• Local authorities, construction companies and property owners feel they are coming under close scrutiny about the selection of building materials in light of the tragic Grenfell Tower incident
10. Macroeconomic developments
• Down Up from rank 3 last year
• Fears over Brexit effects on businesses have settled
Whatever your concerns may be, speak to Routen Chaplin about your Business Insurance. We have over 50 years’ experience managing and mitigating risks.
Sources
Allianz Insurance Brokers
