Cyber as soon as once more ranked as the highest international danger in 2026, in line with the latest Allianz Risk Barometercoming in No.
Cyber as soon as once more ranked as the highest international danger in 2026, in line with the latest Allianz Risk Barometercoming in No. 1 in each area and throughout all firm sizes.
Synthetic intelligence took the No. 2 spot, up from tenth in 2025—the most important leap on this 12 months’s rating. Each cyber and AI now rank as prime 5 issues for firms in virtually each business sector.
Respondents to the company danger survey additionally named enterprise interruption, adjustments in laws/regulation, local weather change and geopolitical dangers amongst their prime issues in 2026.
Cyber was named the highest international danger for the fifth 12 months in a row, with its highest-ever rating (42% of responses). Cyber ranks as the primary company concern in each area (Americas, Asia Pacific, Europe, and Africa and Center East) surveyed within the Allianz Danger Barometer and is once more ranked as the highest danger for big (>$500 million annual revenues), mid-sized ($100 million to $500 million) and smaller firms (<$100 million).
The danger covers cyber assaults (together with knowledge breaches and malware/ransomware), IT community and repair disruptions, in addition to related fines and penalties.
Allianz stated that rising reliance on a small variety of third-party suppliers in areas like cloud companies, software program as a service, AI options and knowledge processing is especially regarding, noting that a number of assaults and outages over the previous 12 months have induced vital disruption to companies, their provide chains, clients and the broader financial system.
“Digital infrastructure and expertise are actually crucial to all companies and their provide chains. Complicated interconnected techniques exist inside organizations, third-party suppliers and clients. As we now have seen with latest incidents, a cloud outage, technical glitch or malicious assault can have enormous implications for a enterprise’s means to provide and promote its items and companies, with the consequences rippling by means of provide chains,” stated Rishi Baviskar, International Head of Cyber Danger Consulting at Allianz Business.
Synthetic intelligence climbed to No. 2 (32% of responses) on this 12 months’s Danger Barometer—its highest-ever place, up from No. 10 in 2025.
Allianz stated that AI’s speedy climb up the rankings this 12 months displays each the dangers related to AI in addition to its potential societal, political and financial implications. The danger is interlinked with different key dangers within the prime 10, Allianz stated, together with cyber, political danger, macroeconomic and market developments, and adjustments in laws and regulation.
“Firms more and more see AI not solely as a strong strategic alternative, but in addition as a fancy supply of operational, authorized, and reputational danger. In lots of instances, adoption is transferring sooner than governance, regulation, and workforce readiness can sustain—pushing AI into the highest tier of worldwide dangers for the primary time,” stated Ludovic Subran, Chief Economist, Allianz.
Organizations have gotten extra conscious of the challenges that include AI implementation, comparable to data-quality constraints, integration hurdles and a scarcity of AI-skilled expertise. New legal responsibility exposures are rising round automated decision-making, biased or discriminatory fashions, intellectual-property misuse, and uncertainty over who’s accountable when AI-generated outputs trigger hurt. Respondents additionally cited disinformation and the potential for deepfakes as rising dangers.
Training, retraining and upskilling initiatives are the primary actions being taken by firms to mitigate the affect of accelerating AI adoption on the workforce (49% of respondents). Some firms wish to reshape roles to give attention to adaptability and collaborative downside fixing (45%), whereas others say they’re eliminating low-skilled roles and changing them with high-skilled ones (40%).
Requested about probably the most believable “black swan” eventualities that might happen within the subsequent 5 years, 19% of respondents stated they worry a breakthrough in quantum computing that renders present encryption out of date.
Enterprise interruption dropped to the third spot in 2026 (29%) after having ranked both No. 1 or 2 for the final decade. Allianz stated the peril stays a big concern since provide chains may be impacted by different dangers within the international prime 10, comparable to cyber, local weather change, commerce insurance policies and geopolitical battle.
Allianz famous that 2025 noticed a shift towards protectionist commerce insurance policies and tariff wars, bringing uncertainty to the world financial system. There have been additionally regional conflicts within the Center East and Russia/Ukraine, in addition to border disputes between India/Pakistan and Thailand/Cambodia, and civil wars in Sudan, Ethiopia and Myanmar.
International provide chain paralysis as a result of a geopolitical battle ranked as probably the most believable “black swan” situation more likely to materialize for enterprise interruption within the subsequent 5 years (51%), in line with respondents. Mass social unrest and political instability impacting enterprise continuity ranks No. 4 (29%).
Regardless of the rising stress from geopolitical dangers, solely 3% of survey respondents view their provide chains as “very resilient.”
Half of respondents stated they’re exploring new markets and merchandise; 49% are renegotiating and diversifying provide chains, whereas an identical quantity stated they’re streamlining operations to chop prices, and/or investing in superior analytics and provide chain administration software program. Simply over a 3rd (35%) are exploring nearshoring and evaluating home manufacturing choices.
Modifications in laws and regulation remained at No. 4 for the third 12 months in a row, with 26% of respondents choosing it as a prime danger.
Allianz stated that divergence is the defining regulatory danger of 2026, with main jurisdictions transferring in several instructions relating to digital/AI, prudential and sustainability guidelines.
The U.S. is pushing for deregulation aimed toward reducing enterprise prices and boosting competitiveness, Allianz stated. Europe is making an attempt to simplify regulation whereas sustaining its long-standing dedication to sturdy guidelines and security. In the meantime, China is making an attempt to foster innovation whereas preserving state oversight and strategic management of key sectors.
“This divergence is quick turning into a crucial driver of worldwide danger: it fragments compliance expectations, reshapes competitiveness, and will increase uncertainty at a time of geopolitical, technological, and monetary volatility,” stated Subran.
Pure catastrophes dropped two locations on the Allianz Danger Barometer, coming in at No. 5 (21%) globally after two years within the third spot, pushed by elements comparable to a quieter hurricane season final 12 months.
Nonetheless, Allianz famous that insured losses attributable to disaster occasions nonetheless hit $100 billion for the sixth 12 months in a row. A superb chunk of that loss got here from the January 2025 Palisades and Eaton wildfires in California, which passed off outdoors the normal fireplace season and unfold shortly in city areas, incurring insured losses of $40 billion, in line with Swiss Re.
So-called “secondary” or non-peak perils—comparable to flooding, extreme thunderstorms and wildfires—proceed to drive substantial losses. “These occasions reveal that losses from perils as soon as thought-about secondary are actually corresponding to conventional ‘peak’ dangers, with local weather change amplifying each their frequency and severity,” stated Keerthy Mohandas, Disaster Danger Analysis Analyst, Allianz Business. “This blurring of traces between main and secondary perils underscores the necessity for insurers and reinsurers to combine rising hazards into their nat cat danger evaluation, capital planning, and resilience methods.”
Talking of local weather change, the chance got here in at No. 6 this 12 months (19%), falling from the fifth spot in 2025.
The affect on enterprise interruption dangers, comparable to provide chain bottlenecks and disruption of logistics as a result of excessive climate occasions, is the primary climate-related enterprise concern for 63% of respondents, in line with Allianz.
Respondents had been additionally involved concerning the bodily impacts of local weather change, comparable to injury to manufacturing websites as a result of excessive climate occasions (57%), in addition to environmental dangers (40%) like rising sea ranges and better temperatures that might have an effect on meals manufacturing.
Political dangers and violence climbed to an all-time excessive in 2026, coming in at No. 7 on this 12 months’s Danger Barometer (15%) in comparison with No. 9 in 2025.
Prime fears on this class embrace conflict perils (53%, up from 48% in 2025), civil unrest threats (49%), and terrorism and sabotage (46%).
“Shifting international alliances and financial realignment; conflict in Ukraine; tariff wars; rising xenophobia and anti-immigration protests in Europe; reducing belief in governments; and the deepening financial disaster globally—it isn’t arduous to see why political danger and violence perils have risen sharply during the last 12 months and are entrance of thoughts for danger business professionals,” stated Srdjan Todorovic, International Head of Political Violence and Hostile Atmosphere Options at Allianz Business.
Macroeconomic developments took the No. 8 spot (14%), down from No. 7 in 2025. Allianz stated that international momentum will more and more be formed by forces comparable to commerce and migration constraints, the speedy acceleration of AI, and a comeback of business coverage. The agency additionally stated it expects 2026 will mark a fifth consecutive rise in international enterprise insolvencies.
Fireplace, explosion dropped to No. 9 (13%) after holding the No. 6 spot in each 2024 and 2025. Fireplace stays a big reason for enterprise interruption and provide chain disruption, particularly the place crucial elements comparable to semiconductor chips or automotive elements are concentrated geographically or are amongst a small variety of suppliers, Allianz stated.
Taking the ultimate spot within the Prime 10 was market developments (13%), down two from No. 8 in 2025. Allianz stated companies seem barely extra relaxed about market dangers after one other sturdy 12 months for fairness and M&A markets. Nonetheless, there may be concern concerning the potential for an rising AI bubble.
Methodology:
The fifteenth Allianz Danger Barometer incorporates the views of three,338 respondents from 97 international locations and territories. The annual company danger survey was carried out amongst Allianz clients, brokers and business commerce organizations. It additionally surveyed danger consultants, underwriters, senior managers, claims consultants, in addition to different danger administration professionals within the company insurance coverage phase of Allianz Business and different Allianz entities.
Respondents had been questioned throughout October and November 2025. The survey centered on massive, smaller and mid-size firms. Danger consultants from 23 business sectors had been featured.
Subjects
InsurTech
Cyber
Data Driven
Artificial Intelligence
Allianz
English 
French 
German 
Spanish