Allianz Risk Barometer 2019 APPENDIX

ALLIANZ GLOBAL CORPORATE & SPECIALTY
ALLIANZ RISK BAROMETER

RESULTS APPENDIX 2019
Based on the insight of 2,415 risk management experts from 86 countries
02 The most important business risks: Global

03 The most important business risks: Europe,
Americas, Asia Pacific, Africa and Middle East
25 The most important business risks: Industry sector
33 The most important business risks: Company size
Allianz Risk Barometer 2019: Appendix
THE MOST IMPORTANT

BUSINESS RISKS IN 2019
Ranking changes are determined by positions year-on-year, ahead of percentages
Rank Percent 2018 rank Trend

1
1 Business interruption (incl. supply chain disruption) 37% 1 (42%) =
37%
Cyber incidents (e.g. cyber crime, IT failure/outage, data
2 37% 2 (40%) =
breaches, fines and penalties)1
3 Natural catastrophes (e.g. storm, flood, earthquake) 28% 3 (30%) =
Changes in legislation and regulation (e.g. trade wars

4 and tariffs, economic sanctions, protectionism, Brexit, 27% 5 (21%)
Euro-zone disintegration)
Market developments (e.g. volatility, intensified

5 competition/new entrants, M&A, market stagnation, 23% 4 (22%)
market fluctuations)
6 Fire, explosion 19% 6 (20%) =
New technologies (e.g. impact of increasing 2

7 interconnectivity, nanotechnology, artificial intelligence, 19% 7 (15%) =
3D printing, autonomous vehicles, blockchain) 2 37%
8 Climate change/increasing volatility of weather 13% 10 (10%)
9 Loss of reputation or brand value3 13% 8 (13%)
10 Shortage of skilled workforce4 9% 15 (6%)
Political risks and violence (e.g. war, terrorism, civil

11 9% 9 (11%)
commotion) 4
12 Product recall, quality management, serial defects4 9% 13 (8%)
Macroeconomic developments (e.g. austerity programs,

13 8% 11 (9%)
commodity price increase, deflation, inflation)
1 Business interruption and cyber incidents are tied at the
14 Environmental risks (e.g. pollution) 7% 14 (6%) = top of the ranking at 37%. However, business interruption
received more responses by number
2 Fire, explosion ranks higher than new technologies by
15 Theft, fraud and corruption5 7% 12 (9%)
number of responses
3 Climate change/increasing volatility of weather ranks
16 Health issues (e.g. pandemic outbreak) 3% 17 (2%) higher than loss of reputation or brand value by number of
responses
4 Shortage of skilled workforce, political risks and violence
17 Power blackouts 2% 16 (3%) and product recall, quality management and serial
defects are ranked by number of responses
Other 3% - - 5 Environmental risks ranks higher than theft, fraud and
corruption by number of responses
KEY Source: Allianz Global Corporate & Specialty

Risk higher than in 2018 The eighth annual Allianz Risk Barometer survey was conducted among Allianz customers (global businesses),
brokers and industry trade organizations. It also surveyed risk consultants, underwriters, senior managers and
Risk lower than in 2018 claims experts in the corporate insurance segment of Allianz Global Corporate & Specialty and other Allianz entities.
= No change from 2018 Figures represent the number of risks selected as a percentage of all survey responses (2,882) from 2,415
respondents. Applicable respondents could provide answers for up to two industries. All respondents could select up
(1) 2018 risk ranking to three risks per industry. Figures don’t add up to 100% because three risks could be selected.
↘ View the Allianz Risk Barometer 2019 report and full methodology
2
Top risks by region
THE MOST IMPORTANT BUSINESS RISKS IN

EUROPE
1 2 3 4 5
38% 38% 36% 26% 22%
= 2018: 1 (46%) = 2018: 2 (45%) = 2018: 3 (27%) 2018: 3 (27%) = 2018: 5 (22%)
Business Cyber incidents 1

Changes in Natural Market
interruption (e.g. cyber crime, IT failure/ legislation and catastrophes developments
(incl. supply chain outage, data breaches, (e.g. storm, flood, (e.g. volatility, intensified
fines and penalties)
regulation
disruption) (e.g. trade wars and tariffs, earthquake) competition/
economic sanctions, new entrants, M&A,
protectionism, Brexit, market stagnation,
Euro-zone disintegration) market fluctuation)
6 7 8 9 10
20 % 18% 12% 12% 11%
= 2018: 6 (19%) = 2018: 7 (15%) = 2018: 8 (15%) 2018: 10 (10%) NEW

Fire, explosion New technologies Loss of reputation or Macroeconomic Climate change/
(e.g. impact of increasing brand value developments2 increasing volatility
interconnectivity, (e.g. austerity programs,
nanotechnology, artificial
of weather
commodity price increase,
intelligence, 3D printing, deflation, inflation)
autonomous vehicles,
blockchain)
Source: Allianz Global Corporate & Specialty.

Figures represent how often a risk was selected as a percentage of all responses for that region.
Respondents: 905
Responses: 1,163
More than one risk and industry could be selected. Figures don't add up to 100% as up to three risks could be selected.
1 Business interruption ranks higher than cyber incidents based on number of responses
2 Loss of reputation ranks higher than macroeconomic developments based on number of responses
3
TOP 10 RISKS Rank Percent 2018 rank Trend
IN AUSTRIA 1
Cyber incidents (e.g. cyber crime, IT failure/outage,
data breaches, fines and penalties)
51% 1 (70%) =
Source: Allianz Global Corporate &

Specialty. 2 and tariffs, economic sanctions, protectionism, Brexit, 43% -
Figures represent how often a risk Euro-zone disintegration) NEW
was selected as a percentage of all
responses for that country. 3 Natural catastrophes (e.g. storm, flood, earthquake) 36% 3 (30%) =
Respondents: 42
Responses: 61 4 Business interruption (incl. supply chain disruption) 30% 2 (45%)
More than one risk and industry

could be selected. Figures don't add New technologies (e.g. impact of increasing
up to 100% as up to three risks could
be selected. 3D printing, autonomous vehicles, blockchain)
6 Fire, explosion NEW 21% -

7 competition/new entrants, M&A, market stagnation, 20% 7 (15%) =
market fluctuation)
8 Loss of reputation or brand value 15% 4 (25%)
9 Shortage of skilled workforce 13% 7 (15%)

10 12% -
commodity price increase, deflation, inflation) NEW
IN BELGIUM 1
58% 1 (43%) =

Specialty.
Figures represent how often a risk

was selected as a percentage of all 2 competition/new entrants, M&A, market stagnation, 36% 4 (30%)
responses for that country.
market fluctuation)
Respondents: 25
Responses: 31 Changes in legislation and regulation (e.g. trade wars
More than one risk and industry Euro-zone disintegration)
could be selected. Figures don't add
up to 100% as up to three risks could 5 Fire, explosion 23% 10 (7%)
be selected.
5 Natural catastrophes (e.g. storm, flood, earthquake) 23% 9 (13%)
9 Climate change/increasing volatility of weather NEW 10% -
9 Theft, fraud, corruption NEW 10% -
4
Top risks by region
IN CROATIA 1
Changes in legislation and regulation (e.g. trade
wars and tariffs, economic sanctions, protectionism, 47% 1 (48%) =
Source: Allianz Global Corporate & Brexit, Euro-zone disintegration)
Specialty.
Figures represent how often a risk 2 competition/new entrants, M&A, market stagnation, 30% 2 (36%) =
was selected as a percentage of all market fluctuation)
Respondents: 45 3 Natural catastrophes (e.g. storm, flood, earthquake) 23% 3 (32%) =
Responses: 66
4 Fire, explosion 21% 7 (16%)

up to 100% as up to three risks could Cyber incidents (e.g. cyber crime, IT failure/outage, data
5 18% 6 (20%)
be selected. breaches, fines and penalties)
New technologies (e.g. impact of increasing

5 interconnectivity, nanotechnology, artificial intelligence, 18% -
3D printing, autonomous vehicles, blockchain) NEW
7 Business interruption (incl. supply chain disruption) 17% 5 (22%)

7 17% 4 (26%)
10 Shortage of skilled workforce NEW 12% -
IN FRANCE 1
41% 2 (46%)

Specialty.

Respondents: 86
Responses: 106
More than one risk and industry 5 and tariffs, economic sanctions, protectionism, Brexit, 26% 4 (21%)
could be selected. Figures don't add Euro-zone disintegration)
be selected. Market developments (e.g. volatility, intensified
6 competition/new entrants, M&A, market stagnation, 18% 6 (18%) =
market fluctuation)

6 interconnectivity, nanotechnology, artificial intelligence, 18% 8 (14%)
3D printing, autonomous vehicles, blockchain)
8 Product recall, quality management, serial defects 12% 7 (16%)
10 Theft, fraud, corruption 10% 9 (13%)
5
IN GERMANY 1 Business interruption (incl. supply chain disruption) 48% 1 (55%) =
Source: Allianz Global Corporate & Cyber incidents (e.g. cyber crime, IT failure/outage, data
2 44% 2 (51%) =
Specialty. breaches, fines and penalties)
was selected as a percentage of all 3 and tariffs, economic sanctions, protectionism, Brexit, 35% 4 (24%)
Respondents: 172
Responses: 238 4 Natural catastrophes (e.g. storm, flood, earthquake) 28% 3 (27%)


1 Product recall, quality 6 Fire, explosion 19% 5 (22%)
management and serial defects
rank higher than market
developments by number of 7 Product recall, quality management, serial defects 17% 7 (17%) =
responses
market fluctuation)1
9 Loss of reputation or brand value 13% 9 (12%) =

10 9% 10 (10%) =
IN GREECE 1
Changes in legislation and regulation (e.g. trade
wars and tariffs, economic sanctions, protectionism, 41% 1 (48%) =
Source: Allianz Global Corporate & Brexit, Euro-zone disintegration)
Specialty.
Figures represent how often a risk 2 competition/new entrants, M&A, market stagnation, 36% 4 (30%)
Respondents: 15 3 Fire, explosion 27% 2 (44%)
Responses: 22
More than one risk and industry 3 27% 4 (30%)
up to 100% as up to three risks could 3 Natural catastrophes (e.g. storm, flood, earthquake) 27% 3 (39%) =
be selected.

6 18% -
commotion) NEW

9 9% -
breaches, fines and penalties) NEW
6
Top risks by region
IN ITALY 1 Business interruption (incl. supply chain disruption) 47% 1 (51%) =
2 38% 2 (38%) =

Respondents: 47
4 Product recall, quality management, serial defects NEW 22% -
Responses: 55
up to 100% as up to three risks could 6 and tariffs, economic sanctions, protectionism, Brexit, 18% 7 (14%)
be selected.

market fluctuation)

IN THE 1 Business interruption (incl. supply chain disruption) 56% 1 (54%) =
NETHERLANDS 2
32% 1 (54%)
breaches, fines and penalties)
Specialty. Changes in legislation and regulation (e.g. trade wars
was selected as a percentage of all Euro-zone disintegration)

Respondents: 20
Responses: 25 New technologies (e.g. impact of increasing
More than one risk and industry 5 interconnectivity, nanotechnology, artificial intelligence, 24% 8 (12%)
could be selected. Figures don't add 3D printing, autonomous vehicles, blockchain)

be selected. 6 Climate change/increasing volatility of weather 20% 8 (12%)

market fluctuation)
7
NEW TOP Rank Percent
10 RISKS IN 1 Business interruption (incl. supply chain disruption) 46%
POLAND 2
Changes in legislation and regulation (e.g. trade wars and tariffs, economic
35%
sanctions, protectionism, Brexit, Euro-zone disintegration)
Specialty. Cyber incidents (e.g. cyber crime, IT failure/outage, data breaches, fines and
2 35%
Figures represent how often a risk penalties)
Market developments (e.g. volatility, intensified competition/new entrants,
responses for that country. 2 35%
M&A, market stagnation, market fluctuation)
Respondents: 18
Responses: 26 5 Fire, explosion 31%
could be selected. Figures don't add 6 Shortage of skilled workforce 23%
be selected. New technologies (e.g. impact of increasing interconnectivity,
7 nanotechnology, artificial intelligence, 3D printing, autonomous vehicles, 19%
blockchain)
8 Product recall, quality management, serial defects 15%
9 Loss of reputation or brand value 12%
10 Natural catastrophes (e.g. storm, flood, earthquake) 8%
PORTUGAL 2
Cyber incidents (e.g. cyber crime, IT failure/outage, data breaches, fines and
36%
penalties)
Specialty. 3 Natural catastrophes (e.g. storm, flood, earthquake) 33%
was selected as a percentage of all Market developments (e.g. volatility, intensified competition/new entrants,
4 31%
Respondents: 29
Responses: 39 5 18%
could be selected. Figures don't add Macroeconomic developments (e.g. austerity programs, commodity price
5 18%
up to 100% as up to three risks could increase, deflation, inflation)
be selected.
New technologies (e.g. impact of increasing interconnectivity,
blockchain)
8 Climate change/increasing volatility of weather 15%
8 Fire, explosion 15%
8
Top risks by region
RUSSIA 2
34%
Specialty. 2 Fire, explosion 34%
was selected as a percentage of all 4 Loss of reputation or brand value 22%
Respondents: 27 Cyber incidents (e.g. cyber crime, IT failure/outage, data breaches, fines and
5 19%
Responses: 32 penalties)
More than one risk and industry Macroeconomic developments (e.g. austerity programs, commodity price
5 19%
increase, deflation, inflation)
be selected. Market developments (e.g. volatility, intensified competition/new entrants,
7 16%
9 Political risks and violence (e.g. war, terrorism, civil commotion) 13%
10 RISKS IN 1 Climate change/increasing volatility in weather 48%
SLOVAKIA 2 Health issues (e.g. pandemic outbreak) 35%

Specialty.
3 Business interruption (incl. supply chain disruption) 31%
was selected as a percentage of all 4 24%
Respondents: 23 5 Fire, explosion 21%
Responses: 29
More than one risk and industry 5 Natural catastrophes (e.g. storm, flood, earthquake) 21%
up to 100% as up to three risks could 5 Shortage of skilled workforce 21%
be selected.
8 17%
penalties)

9 14%
9
IN SPAIN 1 Business interruption (incl. supply chain disruption) 51% 1 (45%) =
2 34% 4 (32%)
Respondents: 31

could be selected. Figures don't add 5 Fire, explosion 24% 3 (38%)

6 competition/new entrants, M&A, market stagnation, 22% -
market fluctuation) NEW
6 Product recall, quality management, serial defects 22% 6 (21%) =


9 12% -
TOP 10 Rank Percent 2018 rank Trend
RISKS IN 1 Business interruption (incl. supply chain disruption) 58% 1 (70%) =
SWITZERLAND 2
48% 3 (43%)

Respondents: 40
Responses: 48 Market developments (e.g. volatility, intensified
More than one risk and industry 5 competition/new entrants, M&A, market stagnation, 25% 2 (45%)
could be selected. Figures don't add market fluctuation)

be selected. 6 Fire, explosion 19% 9 (10%)

6 19% 6 (13%) =

10 Loss of reputation or brand value NEW 10% -
10
Top risks by region
10 RISKS IN 1 Natural catastrophes (e.g. storm, flood, earthquake) 52%
TURKEY 2
Macroeconomic developments (e.g. austerity programs, commodity price
48%
Specialty. Changes in legislation and regulation (e.g. trade wars and tariffs, economic
3 40%
Figures represent how often a risk sanctions, protectionism, Brexit, Euro-zone disintegration)
Respondents: 38
Responses: 48
5 23%
could be selected. Figures don't add 6 Fire, explosion 19%
be selected. 7 Business interruption (incl. supply chain disruption) 15%
7 15%
penalties)
10 Shortage of skilled workforce 4%
IN THE UK 1
and tariffs, economic sanctions, protectionism, Brexit, 48% 2 (38%)
Source: Allianz Global Corporate & Euro-zone disintegration)

Specialty.
1 48% 1 (60%) =
responses for that country. 3 Business interruption (incl. supply chain disruption) 32% 3 (35%) =
Respondents: 187
market fluctuation)
up to 100% as up to three risks could New technologies (e.g. impact of increasing
be selected. 5 interconnectivity, nanotechnology, artificial intelligence, 25% 6 (22%)

10 11% 10 (8%) =
11

THE AMERICAS
1 2 3 4 5
40 % 36% 31% 25% 19%
2018: 2 (41%) 2018: 1 (42%) = 2018: 3 (37%) = 2018: 4 (23%) = 2018: 5 (20%)
Business Cyber incidents Natural Market Fire, explosion

interruption (e.g. cyber crime, IT failure/ catastrophes developments
(incl. supply chain outage, data breaches, (e.g. storm, flood, (e.g. volatility, intensified
disruption) fines and penalties) earthquake) competition/
new entrants, M&A,
market stagnation,
market fluctuation)
6 7 8 9 10
19% 17% 15% 11% 11%
= 2018: 6 (17%) 2018: 8 (14%) 2018: 9 (13%) 2018: 7 (15%) = 2018: 10 (9%)
Changes in New technologies Climate change/ Loss of reputation or Shortage of skilled

legislation and (e.g. impact of increasing increasing volatility brand value workforce2
interconnectivity,
regulation1 nanotechnology, artificial
of weather
(e.g. trade wars and tariffs,
intelligence, 3D printing,
economic sanctions,
protectionism, Brexit,
blockchain)

Respondents: 577
Responses: 659
1 Fire, explosion ranks higher than changes in legislation and regulation by number of responses
2 Loss of reputation or brand value ranks higher than shortage of skilled workforce by number of responses
12
Top risks by region
10 RISKS IN 1 Natural catastrophes (e.g. storm, flood, earthquake) 47%
ARGENTINA 2 Business interruption (incl. supply chain disruption) 35%

Specialty.

Respondents: 17 4 29%
penalties)
Responses: 17
6 18%
could be selected. Figures don't add increase, deflation, inflation)
be selected.
6 Theft, fraud, corruption 18%
8 12%
10 Environmental risks (e.g. pollution) 6%
IN BRAZIL 1
43% 1 (38%) =

Specialty.

was selected as a percentage of all 3 competition/new entrants, M&A, market stagnation, 29% 3 (26%) =
market fluctuation)
Respondents: 93
Responses: 98 New technologies (e.g. impact of increasing
up to 100% as up to three risks could 5 Theft, fraud, corruption 21% 7 (18%)
be selected.

9 16% -
13
IN CANADA 1 Business interruption (incl. supply chain disruption) 46% 1 (60%) =
2 37% 2 (34%) =

Respondents: 68 4 competition/new entrants, M&A, market stagnation, 24% 5 (19%)
Responses: 76 market fluctuation)
could be selected. Figures don't add Changes in legislation and regulation (e.g. trade wars
5 and tariffs, economic sanctions, protectionism, Brexit, 20% -
be selected. Euro-zone disintegration) NEW
7 Environmental risks (e.g. pollution) NEW 17% -

NEW TOP 10 Rank Percent
RISKS IN CHILE 1 Natural catastrophes (e.g. storm, flood, earthquake) 69%
Source: Allianz Global Corporate & 2 Business interruption (incl. supply chain disruption) 63%
Specialty.
Figures represent how often a risk 3 Fire, explosion 38%
responses for that country. Cyber incidents (e.g. cyber crime, IT failure/outage, data breaches, fines and
4 25%
Respondents: 15 penalties)
Responses: 16
5 6%
up to 100% as up to three risks could 5 Climate change/increasing volatility of weather 6%
be selected.
blockchain)
5 Power blackouts 6%
5 Professional indemnity 6%
14
Top risks by region
IN THE USA 1 Business interruption (incl. supply chain disruption) 40% 2 (39%)
2 36% 1 (45%)
Respondents: 340 4 competition/new entrants, M&A, market stagnation, 27% 4 (23%) =
be selected. Euro-zone disintegration)

9 Climate change/increasing volatility of weather 12% 9 (11%) =
15

ASIA PACIFIC
1 2 3 4 5
38% 37% 32% 23% 22%
= 2018: 1 (42%) = 2018: 2 (38%) = 2018: 3 (30%) 2018: 6 (18%) = 2018: 5 (19%)
Business Cyber incidents Natural Changes in New technologies

interruption (e.g. cyber crime, IT failure/ catastrophes legislation and (e.g. impact of increasing
(incl. supply chain outage, data breaches, (e.g. storm, flood, interconnectivity,
regulation nanotechnology, artificial
disruption) earthquake) (e.g. trade wars and tariffs,
economic sanctions,
protectionism, Brexit,
blockchain)
6 7 8 9 10
22% 17% 15% 13% 10 %
2018: 4 (19%) = 2018: 7 (16%) = 2018: 8 (12%) 2018: 10 (10%) NEW

Market Fire, explosion Climate change/ Loss of reputation or Product recall,
developments1 increasing volatility brand value quality
(e.g. volatility, intensified of weather management, serial
competition/
new entrants, M&A,
defects
market stagnation,
market fluctuation)

Respondents: 721
Responses: 833
1 New technologies ranks higher than market developments by number of responses
16
Top risks by region
IN AUSTRALIA 1
Source: Allianz Global Corporate & Euro-zone disintegration)

Specialty.
responses for that country. 3 30% 1 (49%)
Respondents: 121
market fluctuation)
up to 100% as up to three risks could New technologies (e.g. impact of increasing
be selected. 5 interconnectivity, nanotechnology, artificial intelligence, 27% 3 (28%)
9 Shortage of skilled workforce 11% 9 (10%) =
IN CHINA 1 Business interruption (incl. supply chain disruption) 45% 1 (40%) =
Source: Allianz Global Corporate & 2 Natural catastrophes (e.g. storm, flood, earthquake) 36% 4 (22%)
Specialty.
Figures represent how often a risk 3 Fire, explosion 29% 6 (18%)
responses for that country. Changes in legislation and regulation (e.g. trade wars
Respondents: 65 4 and tariffs, economic sanctions, protectionism, Brexit, 27% 7 (15%)
Responses: 84 Euro-zone disintegration)

More than one risk and industry New technologies (e.g. impact of increasing
could be selected. Figures don't add 5 interconnectivity, nanotechnology, artificial intelligence, 26% 3 (24%)
up to 100% as up to three risks could 3D printing, autonomous vehicles, blockchain)
be selected.
6 23% 2 (31%)
Product recall, quality management, serial defects

7 18% -
NEW

market fluctuation)
17
IN HONG KONG 1
32% 2 (32%)

Specialty. 2 Business interruption (incl. supply chain disruption) 29% 1 (43%)

Respondents: 53
Responses: 62 3 Natural catastrophes (e.g. storm, flood, earthquake) 27% 3 (30%) =
up to 100% as up to three risks could 5 interconnectivity, nanotechnology, artificial intelligence, 26% 6 (15%)

market fluctuation)

9 11% -
IN INDIA 1
51% 1 (41%) =

Specialty.




7 13% 10 (9%)
commotion
18
Top risks by region
IN INDONESIA 1 Natural catastrophes (e.g. storm, flood, earthquake) 56% 3 (28%)
Source: Allianz Global Corporate & 2 Fire, explosion 39% 4 (20%)

Specialty.
Figures represent how often a risk New technologies (e.g. impact of increasing
was selected as a percentage of all 3 interconnectivity, nanotechnology, artificial intelligence, 28% 8 (12%)
responses for that country. 3D printing, autonomous vehicles, blockchain)
Respondents: 18
Responses: 18
More than one risk and industry Cyber incidents (e.g. cyber crime, IT failure/outage, data
4 22% 1 (40%)
market fluctuation)
8 Environmental risks (e.g. pollution) 11% 8 (12%) =

8 11% -

8 11% 6 (16%)
commotion)
IN JAPAN 1 Natural catastrophes (e.g. storm, flood, earthquake) 49% 4 (25%)
Source: Allianz Global Corporate & 2 Business interruption (incl. supply chain disruption) 46% 1 (50%)
Specialty.
Figures represent how often a risk Cyber incidents (e.g. cyber crime, IT failure/outage, data
3 42% 2 (42%)
was selected as a percentage of all breaches, fines and penalties)
could be selected. Figures don't add 5 Climate change/increasing volatility of weather 19% 9 (8%)

be selected. 6 Product recall, quality management, serial defects 18% 9 (8%)


10 9% 6 (13%)
commotion)
19
NEW TOP 10 Rank Percent
RISKS IN NEW 1
Cyber incidents (e.g. cyber crime, IT failure/outage, data breaches, fines
56%
ZEALAND
and penalties)
2 30%
Source: Allianz Global Corporate & sanctions, protectionism, Brexit, Euro-zone disintegration)
Specialty.
Figures represent how often a risk 3 nanotechnology, artificial intelligence, 3D printing, autonomous vehicles, 26%
was selected as a percentage of all blockchain)
Respondents: 26 4 Climate change/increasing volatility of weather 22%
Responses: 27
5 Loss of reputation or brand value 19%
up to 100% as up to three risks could Market developments (e.g. volatility, intensified competition/new entrants,
5 19%
be selected. M&A, market stagnation, market fluctuation)
IN SINGAPORE 1 Business interruption (incl. supply chain disruption) 43% 2 (41%)
2 42% 1 (42%)
Respondents: 200 4 interconnectivity, nanotechnology, artificial intelligence, 21% 6 (16%)
Responses: 231 3D printing, autonomous vehicles, blockchain)
could be selected. Figures don't add 5 Climate change/increasing volatility of weather NEW 20% -
be selected. Changes in legislation and regulation (e.g. trade wars

market fluctuation)
20
Top risks by region
IN SOUTH 1 Business interruption (incl. supply chain disruption) 44% 1 (45%) =
KOREA 2
33% 2 (39%) =
Specialty. New technologies (e.g. impact of increasing
was selected as a percentage of all 3D printing, autonomous vehicles, blockchain)

Respondents: 48
up to 100% as up to three risks could 6 and tariffs, economic sanctions, protectionism, Brexit, 20% 9 (13%)

market fluctuation)
9 Product recall, quality management, serial defects 11% 7 (16%)
21

AFRICA & MIDDLE EAST
1 2 3 4 5
30 % 30 % 27% 26% 23%
2018: 4 (27%) 2018: 3 (28%) 2018: 5 (23%) 2018: 7 (21%) 2018:1 (31%)
Market Political risks and Cyber incidents Changes in Business
developments violence1 (e.g. cyber crime, IT failure/ legislation and interruption
(e.g. volatility, intensified (e.g. war, terrorism, civil outage, data breaches, (incl. supply chain
regulation
competition/ commotion) (e.g. trade wars and tariffs, disruption)
new entrants, M&A, economic sanctions,
market stagnation, protectionism, Brexit,
market fluctuation) Euro-zone disintegration)
6 7 8 8 10
19% 17% 14% 14% 13%
2018: 7 (21%) 2018: 2 (31%) 2018: 6 (22%) NEW = 2018: 10 (11%)
Theft, fraud and Fire, explosion Natural New technologies Loss of reputation or
corruption catastrophes (e.g. impact of increasing brand value
(e.g. storm, flood, interconnectivity,
earthquake) nanotechnology, artificial
blockchain)

Respondents: 212
Responses: 227
1 Market developments ranks higher than political risks and violence by number of responses
22
Top risks by region
10 RISKS IN 1 Political risks and violence (e.g. war, terrorism, civil commotion) 42%
LEBANON 2
38%
Specialty. 3 Fire, explosion 33%
was selected as a percentage of all 4 Theft, fraud, corruption 25%
Respondents: 19 Changes in legislation and regulation (e.g. trade wars and tariffs, economic
5 21%
Responses: 24 sanctions, protectionism, Brexit, Euro-zone disintegration)
5 21%
be selected. 5 Health issues (e.g. pandemic outbreak) 21%
8 8%
penalties)
IN NIGERIA 1
Specialty. Market developments (e.g. volatility, intensified
Respondents: 44 3 Theft, fraud, corruption 30% 1 (38%)
Responses: 44
More than one risk and industry 4 27% 5 (29%)
up to 100% as up to three risks could Political risks and violence (e.g. war, terrorism, civil
be selected.
5 25% 6 (24%)
commotion)


9 9% 4 (31%)
10 Power blackouts 7% 7 (22%)
23
IN SOUTH 1 Business interruption (incl. supply chain disruption) 41% 2 (34%)
AFRICA 2
35% 1 (38%)
3 and tariffs, economic sanctions, protectionism, Brexit, 28% 3 (27%) =
Respondents: 63 4 competition/new entrants, M&A, market stagnation, 22% 4 (23%) =
More than one risk and industry New technologies (e.g. impact of increasing
could be selected. Figures don't add 5 interconnectivity, nanotechnology, artificial intelligence, 19% 6 (19%)
up to 100% as up to three risks could 3D printing, autonomous vehicles, blockchain)
be selected.

6 18% -
commotion) NEW
10 RISKS IN 1
Market developments (e.g. volatility, intensified competition/new
48%
UNITED ARAB
entrants, M&A, market stagnation, market fluctuation)
EMIRATES Political risks and violence (e.g. war, terrorism, civil commotion) 33%
2
3 29%
penalties)
Specialty.
was selected as a percentage of all Changes in legislation and regulation (e.g. trade wars and tariffs, economic
responses for that country. 5 19%
Respondents: 20
Responses: 21 New technologies (e.g. impact of increasing interconnectivity,
More than one risk and industry blockchain)
up to 100% as up to three risks could 7 Business interruption (incl. supply chain disruption) 14%
be selected.
24
Top risks by industry
THE MOST IMPORTANT BUSINESS RISKS

BY INDUSTRY SECTOR
TOP 5 RISKS IN
AGRICULTURE Natural catastrophes (e.g. storm, flood, earthquake) 44% 2 (46%)
2 =

Figures represent how often a risk was selected Changes in legislation and regulation (e.g. trade wars
as a percentage of all responses for that industry 4 and tariffs, economic sanctions, protectionism, Brexit, 28% 5 (21%)
sector. Euro-zone disintegration)
Responses: 61
Figures don't add up to 100% as up to three
risks could be selected.

1 43% 2 (44%)
TOP 5 RISKS IN AVIATION,
AEROSPACE, DEFENSE 2 Business interruption (incl. supply chain disruption) 37% 1 (45%)
Source: Allianz Global Corporate & Specialty. Changes in legislation and regulation (e.g. trade wars
Figures represent how often a risk was selected
as a percentage of all responses for that industry
sector. Market developments (e.g. volatility, intensified
Responses: 86 4 competition/new entrants, M&A, market stagnation, 33% 3 (33%)
Figures don't add up to 100% as up to three market fluctuation)

Natural catastrophes (e.g. storm, flood, earthquake)
5 19% -
NEW
TOP 5 RISKS Cyber incidents (e.g. cyber crime, IT failure/outage, data

IN CHEMICALS, 2
37% 2 (40%) =
PHARMACEUTICALS, Changes in legislation and regulation (e.g. trade wars

BIOPHARMA 3 and tariffs, economic sanctions, protectionism, Brexit, 27% -
Euro-zone disintegration) NEW
Figures represent how often a risk was selected 4 competition/new entrants, M&A, market stagnation, 24% 4 (24%) =
as a percentage of all responses for that industry market fluctuation)
sector.
Responses: 81 Product recall, quality management, serial defects
4 21% -
NEW
25
TOP 5 RISKS IN
CONSUMER GOODS Product recall, quality management, serial defects 35% 4 (23%)
2

Source: Allianz Global Corporate & Specialty. 3 and tariffs, economic sanctions, protectionism, Brexit, 28% -
Figures represent how often a risk was selected Euro-zone disintegration) NEW
sector. 4 Fire, explosion NEW 24% -
Responses: 54
Figures don't add up to 100% as up to three 5 competition/new entrants, M&A, market stagnation, 22% 3 (28%)
market fluctuation)
TOP 5 RISKS IN
ENGINEERING, Business interruption (incl. supply chain disruption) 33% 2 (40%)
2 =
CONSTRUCTION, Changes in legislation and regulation (e.g. trade wars

REAL ESTATE 3 and tariffs, economic sanctions, protectionism, Brexit,
26% -
Source: Allianz Global Corporate & Specialty. Market developments (e.g. volatility, intensified
Figures represent how often a risk was selected 3 competition/new entrants, M&A, market stagnation, 26% 5 (21%)
as a percentage of all responses for that industry market fluctuation)

sector.
Responses: 211

1 40% 1 (33%) =
TOP 5 RISKS IN
ENTERTAINMENT & 2 Business interruption (incl. supply chain disruption) 31% 4 (28%)
MEDIA Market developments (e.g. volatility, intensified

Source: Allianz Global Corporate & Specialty. market fluctuation) NEW
as a percentage of all responses for that industry 4 Loss of reputation or brand value NEW 22% -
sector.
Responses: 55 Changes in legislation and regulation (e.g. trade wars
5 and tariffs, economic sanctions, protectionism, Brexit, 18% -
26

1 46% 1 (51%) =
TOP 5 RISKS IN
FINANCIAL SERVICES 2
and tariffs, economic sanctions, protectionism, Brexit, 31% 2 (28%) =
Figures represent how often a risk was selected Market developments (e.g. volatility, intensified
as a percentage of all responses for that industry 3 competition/new entrants, M&A, market stagnation, 28% 2 (28%)
sector. market fluctuation)

Responses: 853
Natural catastrophes (e.g. storm, flood, earthquake)
4 26% -
NEW
1 Business interruption (incl. supply chain disruption) 49% 1(53%) =
TOP 5 RISKS IN
FOOD & BEVERAGES Product recall, quality management, serial defects 42% 4 (24%)
2
(MANUFACTURING & 3 Natural catastrophes (e.g. storm, flood, earthquake) 25% 3 (27%) =
SUPPLY) Cyber incidents (e.g. cyber crime, IT failure/outage, data
4 22% -
breaches, fines and penalties) NEW
Figures represent how often a risk was selected 4 Loss of reputation or brand value 22% 2 (31%)
sector.
Responses: 65

and tariffs, economic sanctions, protectionism, Brexit, 41%
TOP 5 RISKS IN 4 (20%)
1
GOVERNMENT, PUBLIC Cyber incidents (e.g. cyber crime, IT failure/outage,
SERVICES (INCL. 1
data breaches, fines and penalties) NEW
41% -
HEALTHCARE) Market developments (e.g. volatility, intensified

Source: Allianz Global Corporate & Specialty. market fluctuation) NEW
as a percentage of all responses for that industry 4 Business interruption (incl. supply chain disruption) NEW 25% -
sector.
Responses: 44 Natural catastrophes (e.g. storm, flood, earthquake)
5 18% -
NEW
27
TOP 5 RISKS IN HEAVY

INDUSTRY (E.G. STEEL Fire, explosion 38% 1 (56%)
2
PLANTS) 3 Natural catastrophes (e.g. storm, flood, earthquake) 25% 3 (44%) =
Source: Allianz Global Corporate & Specialty. 4 Environmental risks (e.g. pollution) NEW 22% -
as a percentage of all responses for that industry Market developments (e.g. volatility, intensified
sector. 4 competition/new entrants, M&A, market stagnation, 22% 5 (21%)

TOP 5 RISKS IN Cyber incidents (e.g. cyber crime, IT failure/outage, data

HOSPITALITY, LEISURE, 2
40% 4 (28%)
TOURISM 3 Fire, explosion 38% 3 (29%) =

sector. 5 24% 5 (24%) =
commotion)
Responses: 45
TOP 5 RISKS IN
MANUFACTURING Natural catastrophes (e.g. storm, flood, earthquake) 32% 3 (32%)
2
(INCL. AUTOMOTIVE) 3
29% 2 (40%)
sector. 5 Product recall, quality management, serial defects 24% 5 (20%) =
Responses: 221
28
TOP 5 RISKS IN Cyber incidents (e.g. cyber crime, IT failure/outage, data

MARINE & SHIPPING 2
32% 2 (31%) =
sector. 4 Business interruption (incl. supply chain disruption) 26% 2 (31%)
Responses: 100
Figures don't add up to 100% as up to three Changes in legislation and regulation (e.g. trade wars
risks could be selected. 5 and tariffs, economic sanctions, protectionism, Brexit, 24% -
TOP 5 RISKS IN MINING Market developments (e.g. volatility, intensified

Source: Allianz Global Corporate & Specialty. market fluctuation)
as a percentage of all responses for that industry Changes in legislation and regulation (e.g. trade wars
sector. 3 and tariffs, economic sanctions, protectionism, Brexit, 32% 4 (19%)
Responses: 19 Euro-zone disintegration)

Figures don't add up to 100% as up to three 4 Environmental risks (e.g. pollution) NEW 21% -
4 21% 3 (31%)
commotion)
TOP 5 RISKS IN
OIL & GAS Fire, explosion 44% 2 (49%)
2 =

Figures represent how often a risk was selected Cyber incidents (e.g. cyber crime, IT failure/outage, data
4 31% 4 (31%) =
sector.
Responses: 64 5 Environmental risks (e.g. pollution) 30% 5 (22%) =
29
TOP 5 RISKS IN
POWER & UTILITIES Fire, explosion 34% 4 (29%)
2

3 33% 2 (47%)
as a percentage of all responses for that industry 4 Natural catastrophes (e.g. storm, flood, earthquake) 27% 3 (46%)
sector.
Responses: 89 5 Climate change/increasing volatility of weather NEW 25% -


1 40% 1 (49%) =
TOP 5 RISKS IN THE
PROFESSIONAL SERVICES 2
and tariffs, economic sanctions, protectionism, Brexit, 36% 2 (30%) =
(E.G. LAWYERS) Euro-zone disintegration)
market fluctuation)
sector. New technologies (e.g. impact of increasing
Responses: 132 4 interconnectivity, nanotechnology,artificial intelligence, 21% -
Figures don't add up to 100% as up to three 3D printing, autonomous vehicles, blockchain) NEW
5 Loss of reputation or brand value1 21% 5 (23%) =
1 New technologies ranks higher than loss of
reputation or brand value by number of
responses
TOP 5 RISKS IN
RENEWABLE ENERGY Natural catastrophes (e.g. storm, flood, earthquake) 41% 1 (51%)
2

Source: Allianz Global Corporate & Specialty. 3 and tariffs, economic sanctions, protectionism, Brexit, 33% 3 (42%) =
Figures represent how often a risk was selected Euro-zone disintegration)
sector. Cyber incidents (e.g. cyber crime, IT failure/outage, data
4 31% 4 (29%) =
Responses: 51
Figures don't add up to 100% as up to three New technologies (e.g. impact of increasing
risks could be selected. 4 interconnectivity, nanotechnology,artificial intelligence, 31% -
30
TOP 5 RISKS IN Market developments (e.g. volatility, intensified

RETAILING, WHOLESALE 2 competition/new entrants, M&A, market stagnation, 31% 3 (28%)
market fluctuation)
Figures represent how often a risk was selected 3 30% 2 (40%)
sector. 4 Natural catastrophes (e.g. storm, flood, earthquake) 29% 5 (22%)
Responses: 127
Figures don't add up to 100% as up to three 5 Fire, explosion 21% 4 (25%)

1 53% 1 (59%) =
TOP 5 RISKS IN
TECHNOLOGY 2
interconnectivity, nanotechnology, artificial intelligence, 42% 3 (35%)
Figures represent how often a risk was selected 3 Business interruption (incl. supply chain disruption) 40% 2 (42%)
Responses: 76 4 competition/new entrants, M&A, market stagnation, 24% 5 (19%)
Figures don't add up to 100% as up to three market fluctuation)


1 58% 1 (77%) =
TOP 5 RISKS IN
TELECOMMUNICATIONS 2
Figures represent how often a risk was selected 3 Natural catastrophes (e.g. storm, flood, earthquake) 38% 3 (33%) =
sector. New technologies (e.g. impact of increasing
Responses: 48 3 interconnectivity, nanotechnology, artificial intelligence, 38% -
Figures don't add up to 100% as up to three 3D printing, autonomous vehicles, blockchain) NEW
31
TOP 5 RISKS IN
TRANSPORTATION Business interruption (incl. supply chain disruption) 28% 1 (37%)
2

Source: Allianz Global Corporate & Specialty. 3 and tariffs, economic sanctions, protectionism, Brexit, 26% 5 (24%)
Figures represent how often a risk was selected Euro-zone disintegration)

Responses: 90
risks could be selected. 4 Fire, explosion NEW 22% -
32
Top corporate risks
THE MOST IMPORTANT BUSINESS RISKS

BY COMPANY SIZE
TOP 10 Rank Percent 2018 rank Trend
RISKS FOR 1 Business interruption (incl. supply chain disruption) 44% 1 (48%) =
LARGE-SIZE Cyber incidents (e.g. cyber crime, IT failure/outage, data

41% 2 (45%)
ENTERPRISES*
2 =

*>€500mn annual revenues
Source: Allianz Global Corporate & Changes in legislation and regulation (e.g. trade wars
Specialty. 4 and tariffs, economic sanctions, protectionism, Brexit, 28% 4 (22%) =
Figures represent how often a risk Euro-zone disintegration)1
responses for that company size. 5 competition/new entrants, M&A, market stagnation, 22% 5 (21%) =
Responses: 1,445 market fluctuation)
Figures don't add up to 100% as up
to three risks could be selected. New technologies (e.g. impact of increasing
1 Natural catastrophes ranks higher
than changes in legislation and
regulation based on number of 7 Fire, explosion 17% 6 (19%)
responses
8 Loss of reputation or brand value 13% 8 (15%) =
10 Product recall, quality management, serial defects 10% 10 (10%) =
33
FOR MID-SIZE 1 Business interruption (incl. supply chain disruption) 38% 2 (37%)
COMPANIES* 2
32% 1 (39%)
*€250mn to €500mn annual
revenues 3 Natural catastrophes (e.g. storm, flood, earthquake) 29% 3 (32%) =

responses for that company size.
Responses: 619 5 competition/new entrants, M&A, market stagnation, 23% 5 (21%) =
Figures don't add up to 100% as up market fluctuation)
to three risks could be selected.


10 11% 10 (11%) =
commotion)
FOR SMALL 1
32% 2 (30%)
ENTERPRISE
COMPANIES*
*<€250mn annual revenues
Specialty.
was selected as a percentage of all market fluctuation)1
responses for that company size.
Responses: 818 5 Business interruption (incl. supply chain disruption) 26% 1 (33%)
Figures don't add up to 100% as up

to three risks could be selected. 6 Fire, explosion 21% 6 (21%) =
1 Natural catastrophes ranks higher
than market developments by New technologies (e.g. impact of increasing
number of responses 7 interconnectivity, nanotechnology, artificial intelligence, 19% 10 (12%)
34
CONTACT US
For more information contact your local Allianz Global
Corporate & Specialty Communications team.
Brazil France Germany

Camila Corsini Florence Claret Daniel Aschoff
camila.corsini@allianz.com florence.claret@allianz.com daniel.aschoff@allianz.com
+55 11 3527 0235 +33 158 858863 +49 89 3800 18900
Singapore South Africa UK

Wendy Koh Lesiba Sethoga Michael Burns
wendy.koh@allianz.com lesiba.sethoga@allianz.com michael.burns@allianz.com
+65 6395 3796 +27 11 214 7948 +44 203 451 3549
USA Global
Sabrina Glavan Hugo Kidston Heidi Polke-Markmann
sabrina.glavan@agcs.allianz.com hugo.kidston@allianz.com heidi.polke@allianz.com
+1 646 472 1510 +44 203 451 3891 +49 89 3800 14303
For more information contact

agcs.communication@allianz.com
Follow Allianz Global Corporate & Specialty on
Twitter @AGCS_Insurance #ARB2019 and
LinkedIn
www.agcs.allianz.com
Disclaimer & Copyright

Copyright © 2019 Allianz Global Corporate & Specialty SE. All rights reserved.
The material contained in this publication is designed to provide general information only. Whilst every effort has been made to ensure that the information provided is accurate, this information is
provided without any representation or warranty of any kind about its accuracy and Allianz Global Corporate & Specialty SE cannot be held responsible for any mistakes or omissions.
Allianz Global Corporate & Specialty SE
Fritz-Schaeffer-Strasse 9, 81737 Munich, Germany
Commercial Register: Munch HRB 208312
Images: Adobe Stock/iStockPhoto
January 2019

Allianz Risk Barometer 2019 APPENDIX

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Allianz Risk Barometer 2019 APPENDIX

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ALLIANZ GLOBAL CORPORATE & SPECIALTY

ALLIANZ RISK BAROMETER

02 The most important business risks: Global

THE MOST IMPORTANT

Rank Percent 2018 rank Trend

3 Natural catastrophes (e.g. storm, flood, earthquake) 28% 3 (30%) =

Changes in legislation and regulation (e.g. trade wars

Market developments (e.g. volatility, intensified

6 Fire, explosion 19% 6 (20%) =

New technologies (e.g. impact of increasing 2

9 Loss of reputation or brand value3 13% 8 (13%) 

10 Shortage of skilled workforce4 9% 15 (6%) 

Political risks and violence (e.g. war, terrorism, civil

12 Product recall, quality management, serial defects4 9% 13 (8%) 

Macroeconomic developments (e.g. austerity programs,

KEY Source: Allianz Global Corporate & Specialty

THE MOST IMPORTANT BUSINESS RISKS IN

38% 38% 36% 26% 22%

Business Cyber incidents 1

20 % 18% 12% 12% 11%

= 2018: 6 (19%) = 2018: 7 (15%) = 2018: 8 (15%)  2018: 10 (10%)  NEW

Source: Allianz Global Corporate & Specialty.

TOP 10 RISKS Rank Percent 2018 rank Trend

Source: Allianz Global Corporate &

More than one risk and industry

6 Fire, explosion NEW 21% - 

Market developments (e.g. volatility, intensified

8 Loss of reputation or brand value 15% 4 (25%) 

9 Shortage of skilled workforce 13% 7 (15%) 

Macroeconomic developments (e.g. austerity programs,

TOP 10 RISKS Rank Percent 2018 rank Trend

Source: Allianz Global Corporate &

Figures represent how often a risk

7 Loss of reputation or brand value 16% 6 (17%) 

8 Shortage of skilled workforce 13% 6 (17%) 

9 Climate change/increasing volatility of weather NEW 10% - 

9 Theft, fraud, corruption NEW 10% - 

TOP 10 RISKS Rank Percent 2018 rank Trend

could be selected. Figures don't add

New technologies (e.g. impact of increasing

7 Business interruption (incl. supply chain disruption) 17% 5 (22%) 

Macroeconomic developments (e.g. austerity programs,

9 Climate change/increasing volatility of weather 15% 7 (16%) 

10 Shortage of skilled workforce NEW 12% - 

TOP 10 RISKS Rank Percent 2018 rank Trend

Source: Allianz Global Corporate &

Figures represent how often a risk

New technologies (e.g. impact of increasing

8 Loss of reputation or brand value 12% 9 (13%) 

8 Product recall, quality management, serial defects 12% 7 (16%) 

10 Theft, fraud, corruption 10% 9 (13%) 

TOP 10 RISKS Rank Percent 2018 rank Trend

IN GERMANY 1 Business interruption (incl. supply chain disruption) 48% 1 (55%) =

More than one risk and industry

be selected. 3D printing, autonomous vehicles, blockchain)

9 Loss of reputation or brand value 13% 9 (12%) =

Macroeconomic developments (e.g. austerity programs,

TOP 10 RISKS Rank Percent 2018 rank Trend

6 Climate change/increasing volatility of weather NEW 18% - 

Political risks and violence (e.g. war, terrorism, civil

Cyber incidents (e.g. cyber crime, IT failure/outage, data

9 Theft, fraud, corruption 9% 7 (9%) 

TOP 10 RISKS Rank Percent 2018 rank Trend

9 Loss of reputation or brand value3 13% 8 (13%)

10 Shortage of skilled workforce4 9% 15 (6%)

12 Product recall, quality management, serial defects4 9% 13 (8%)

= 2018: 6 (19%) = 2018: 7 (15%) = 2018: 8 (15%) 2018: 10 (10%) NEW

6 Fire, explosion NEW 21% -

8 Loss of reputation or brand value 15% 4 (25%)

9 Shortage of skilled workforce 13% 7 (15%)

7 Loss of reputation or brand value 16% 6 (17%)

8 Shortage of skilled workforce 13% 6 (17%)

9 Climate change/increasing volatility of weather NEW 10% -

9 Theft, fraud, corruption NEW 10% -

7 Business interruption (incl. supply chain disruption) 17% 5 (22%)

9 Climate change/increasing volatility of weather 15% 7 (16%)

10 Shortage of skilled workforce NEW 12% -

8 Loss of reputation or brand value 12% 9 (13%)

8 Product recall, quality management, serial defects 12% 7 (16%)

10 Theft, fraud, corruption 10% 9 (13%)

6 Climate change/increasing volatility of weather NEW 18% -

9 Theft, fraud, corruption 9% 7 (9%)

8 Climate change/increasing volatility of weather 16% 9 (11%)

9 Fire, explosion 13% 5 (17%)

6 Fire, explosion NEW 20% -

8 Loss of reputation or brand value 16% 5 (15%)

10 Shortage of skilled workforce NEW 12% -

9 Loss of reputation or brand value 12% 7 (13%)

9 Shortage of skilled workforce NEW 15% -

10 Loss of reputation or brand value NEW 10% -

6 Loss of reputation or brand value 14% 4 (23%)

7 Fire, explosion 13% 9 (10%)

7 Shortage of skilled workforce NEW 13% -