Insurers identify top business risks, including geopolitical uncertainty, cyber risks and inflation
The global environment has seen a dramatic shift in how world leaders prioritize risk. Geopolitical uncertainty, supply chain disruptions, cyber risks and inflation have all topped the list of concerns, according to a survey by British insurer Beazley.
This new perception of risk is a significant shift from January 2025. It is already affecting how companies allocate resources, evaluate partnerships and seek growth opportunities in an environment of uncertainty.
The survey of 3,500 executives found growing concerns about political risks, limited growth prospects and supply disruptions.
The share of leaders who believe the political landscape will impact their ability to trade profitably increased from 69% in January to 88% in August.
A majority of executives also believe that the current geopolitical and economic uncertainty will limit their growth plans, up from 68% in January to 83% in August.
Amid rising political tensions, 87% of companies expect to change their supplier choices or restructure their supply chains, up from 75% in January.
Board-level priorities have also shifted, with 32% of companies planning to review the security of their overseas operations in 2025, up from 23% in 2024.
Macroeconomic instability has emerged as the top threat. In 2025, 26% of respondents named it the most serious challenge, compared to 21% in 2024.
Concerns about inflation are also growing: in 2025, 27% of executives identified it as the main risk (compared to 24% in 2024). According to forecasts, this figure could increase to 28% by January 2026.
The World Forum, in its “Global Risks Report 2025”, emphasizes that short-term shocks threaten to derail efforts to address long-term challenges: state-based armed conflicts, extreme weather events and geo-economic confrontation are among the top risks.
The Allianz Risk Barometer 2025 ranks cyber incidents (hacks, IT failures, data breaches), business disruptions (with a particular focus on supply chains), and natural disasters at the top of the list.
The Allianz Risk Barometer tracks key concerns for companies a year ahead. This time, a record 3,778 risk management experts from 106 countries and territories shared their views.
Cyber incidents received the highest percentage of votes – 38% of responses. This is a record 7-point lead and confirmation that cyber risks remain the main threat to businesses. For the first time, new technologies and the development of artificial intelligence (AI) entered the top 10 global risks, taking 10th place.
Closely related to cyber risks, business interruptions gained 31% and became #2, while natural disasters rose to #3 from 29%.
Climate change stands out as the biggest “jump” in the 2025 ranking. Having risen two places, the risk ended up at #5 (19%), the highest in the 14 years of the survey.
Businesses are facing an increasing number of challenges: from the risks of the transition to a low-carbon economy and the rising costs of complying with regulatory requirements for climate risk disclosure, to operational disruptions caused by extreme weather events or ecosystem degradation.
Regulatory trends in the field of sustainable development and new technologies have also been reflected in changes in legislation and regulation. They gained 25% and retained 4th place in the world.
Separately, research shows that natural risks — ecosystem degradation, biodiversity loss, climate change — are already starting to create financial strains for businesses, especially through rising costs, water disruptions, legal liability, or reputational risks.