Companies the world over are bracing for a year of uncertainty and worry about the unpredictable business environment and resulting political perils, such as protectionism, terrorism and market volatility.
Cyber threats have also become a top concern for South Africa and leading European countries, a new survey has found.
Firms fear business interruptions and potential financial losses with the changing political landscape caused by the Brexit, the coming to power of US president-elect Donald Trump and upcoming EU elections, which are developments seen to heighten protectionism and antiglobalisation.
In the latest findings, the sixth annual Allianz Risk Barometer 2017, which analyses corporate risks globally, as well as by region, country, industry and size of business, also found market developments and volatility – 31% of responses – as the second most important business peril in 2017.
Chris Fischer Hirs, CEO of Allianz Global Corporate & Specialty SE, said companies worldwide were bracing for a year of uncertainty.
“Unpredictable changes in the legal, geopolitical and market environment around the world are constant items on the agenda of risk managers and the C-suite.
A range of new risks are emerging beyond the perennial perils of fire and natural catastrophes,” he said.