Allianz: Politics is Top Risk for Businesses in Hong Kong

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Singapore: Business Interruption 

In Singapore, business interruption was the top-ranked risk with the survey citing a diverse range of causes including fire and explosions, political violence and disruption to supply chains – a key issue given an ongoing trade dispute between the U.S. and China that has only just shown signs of calm after a phase one deal. 

Despite the lack of any landmark cyberattacks, risks in this area ranked closely behind in second place. 

«While 2019 saw no major global cyber incidents in the vein of past events like WannaCry and NotPetya, businesses are increasingly cognisant of the costs associated with being a victim of a cyberattack, with IBM estimating the average cost of a data breach being slightly under US$4 million,» Mitchell explained.

APAC: Climate Matters

Concerns for businesses in the broader Asia Pacific region also mirrored that of the two major trading hubs with cyber incidents and business interruption ranked as the first and second greatest risk, respectively. But more interestingly is the spotlight on the emergence of sustainability issues for the region. According to the survey, climate change is the third highest risk for businesses in Asia Pacific, catapulting from eighth place last year.

The Allianz Risk Barometer survey included responses from 2,718 businesses in 102 countries. Responses originated from large firms with $500 million or more in annual revenues (50 percent), mid-sized firms with $250-500 million in revenue (19 percent) and small firms (31 percent).