While cyber incidents remain the top global business risk for the fifth consecutive year, it is artificial intelligence that recorded the largest year-on-year jump, according to the Allianz Risk Barometer 2026.
Cyber, which was cited by 42% of respondents, ranked first across all regions surveyed, including the Americas, Asia Pacific, Europe, and Africa and the Middle East.
Meanwhile, AI rose to second place at 32%, up from 10th position in 2025. Business interruption dropped to third at 29%, marking the first time it has fallen outside the top two risks.
Natural catastrophes fell to fifth place following a quieter 2025 hurricane season in terms of insured losses. Political risks and violence climbed to seventh from ninth, driven by concerns over geopolitical volatility and ongoing conflicts.
Allianz Commercial CEO Thomas Lillelund (pictured above) said businesses continue to face interconnected and complex risks in a fast-changing environment.
"Given the continuing rise of AI across society and industry, it is unsurprising that it is the big mover in the Allianz Risk Barometer," Lillelund said. "As well as bringing huge opportunities, its transformative potential and rapid evolution and adoption are also reshaping the risk landscape, making it a standout concern for firms of all sizes worldwide, alongside other more established threats."
Trade restrictions have tripled over the past year, affecting an estimated $2.7 trillion of merchandise – nearly 20% of global imports, according to Allianz Trade. Some 51% of respondents identified global supply chain paralysis due to geopolitical conflict as the most plausible "black swan" scenario likely to materialise in the next five years.
Cyber incidents topped the European risk rankings at 46%, based on responses from 1,599 risk management experts across the region. Business interruption rose to second at 30%, while artificial intelligence debuted in the top 10 at third with 29%.
Regulatory and legislative changes held fourth at 26%. Natural catastrophes dropped three positions to fifth at 22%, down from 33% the previous year. Climate change fell one spot to sixth at 20%.
Political risks and violence ranked seventh at 17%, followed by macroeconomic developments at 16%, fire and explosion at 14%, and market developments at 13%.
Cyber incidents dominated UK risk concerns at 62%, maintaining the top position from 2025, based on responses from 131 risk experts. Artificial intelligence surged to second at 51%, up from fifth position last year when it registered 22%.
Business interruption and regulatory changes tied for third at 31% each. Political risks and violence ranked fifth at 22%, while climate change and macroeconomic developments tied for sixth at 15%.
Natural catastrophes fell sharply to 10th at 8%, down from 21% in 2025.
Cyber incidents led US business risks at 40%, holding the top spot among 262 respondents surveyed. Business interruption climbed to second at 37%, while regulatory and legislative changes jumped to third at 35%, up from 23% in 2025.
Artificial intelligence rose to fourth at 34%. Natural catastrophes fell to fifth at 21%, down from 36% the previous year.
Regulatory and legislative changes topped Canadian business risks at 33%, displacing business interruption from the top position, based on responses from 54 risk experts. Natural catastrophes held second at 30%, while business interruption fell to third at 28%.
Artificial intelligence climbed to fourth at 26%, up from ninth place in 2025. Cyber incidents dropped to seventh at 20%, down from 35% the previous year.
Cyber incidents claimed the top spot in Asia-Pacific at 36%, rising from second place, according to 823 regional respondents. Artificial intelligence surged to second at 32%, up from ninth position and 9% in 2025.
Business interruption fell to third at 30%, relinquishing the top spot it held the previous year. Regulatory and legislative changes ranked fourth at 25%, followed by natural catastrophes at 22%.
Artificial intelligence emerged as the top business risk in Australia at 61%, rising from eighth position in 2025 when it registered 12% among 88 respondents. Cyber incidents fell to second at 48%, down from 56% the previous year.
Regulatory and legislative changes dropped to third at 32%, followed by climate change at 23%. Natural catastrophes fell to seventh at 17%, down from 28% in 2025.
