According to the Allianz Risk Barometer, business interruption is the biggest worry for Asian companies in 2025. Cyber incidents, such as data breaches or ransomware attacks, and IT disruptions, such as the CrowdStrike incident , are also a main concern for companies of all sizes, ranking #2. After another heavy year of N atural catastrophe activity in 2024, this peril remains #3.
The top three risks globally—cyber incidents (#1), Business interruption (#2), and Natural catastrophes (#3)—retained their positions in this year’s Allianz Risk Barometer , which is based on the insights of more than 3,700 risk management professionals from over 100 countries.
Allianz Commercial Chief Underwriting Officer Vanessa Maxwell comments: “2024 was an extraordinary year in terms of risk management, and the results of our annual Allianz Risk Barometer reflect the uncertainty many companies around the globe are facing right now. What stands out this year is the interconnectivity of the top risks.
Climate change, emerging technology, regulation and geopolitical risks are increasingly intertwined, resulting in a complex network of cause and effect. To address these fast-evolving risks, businesses must adopt a holistic risk management approach and consistently strive to enhance their resilience.
Christian Sandric, Regional Managing Director of Allianz Commercial Asia
, says, “Business interruption is the most significant risk for companies in the region, and this is no surprise as Asian economies are increasingly participating in trade globally and regionally.
This is also often due to events like cyber incidents or natural catastrophes, among the region’s top risks. Against this increasingly volatile risk landscape backdrop, businesses should ensure they are sufficiently protected and their response measures robust.
This includes adopting measures such as loss prevention, developing multiple suppliers, alternative risk transfer, and multinational insurance policies.”
Business interruption is strongly interlinked with other risks
Business interruption (BI) is the top risk in Asia; it ranks in the top three risks in all countries and territories and is the top risk in China, Hong Kong, Malaysia, Singapore, and South Korea. Its persistence at the top reflects severe supply chain disruption during and after the pandemic.
Such disruptions are of particular concern as Asian economies are increasingly participating in trade. Asia is now the world’s second-most integrated trade region , driven by the rapid growth of manufacturing supply chains across borders. In addition, due to rising US-China tensions, bilateral trade between geopolitically aligned countries has risen. Global trade flows are becoming more intricate, and this shift has opened doors for nations like India and Malaysia to step up as next-generation trade hubs, according to Allianz Trade .
Globally, BI has ranked either #1 or #2 in every Allianz Risk Barometer for the past decade and retains its position at #2 in 2025 with 31% of responses. BI is typically a consequence of natural disasters, cyber-attacks or outages, insolvency or political risks like conflict or civil unrest, which can all affect a business’s ability to operate normally.
Several examples from 2024 highlight why companies still see BI as a major threat to their business model. Houthi attacks in the Red Sea led to supply chain disruptions due to the rerouting of container ships, while incidents such as the collapse of the Francis Scott Key Bridge in Baltimore also directly impacted global and local supply chains.
According to an analysis from Circular Republic, in collaboration with Allianz and others, supply chain disruptions with global effects occur approximately every 1.4 years, and the trend is rising. Those disruptions cause major economic damages ranging from 5% to 10% of product costs and additional downtime impacts.
Cyber incidents rank #2 in Asia; it is the top risk in India for the eighth consecutive year and the second most significant risk in Japan and Singapore. The Asia Pacific region saw a 23% increase in weekly cyberattacks per organization in Q2 2024 compared to the same period in 2023. Some cyber incidents around the region include the attack on India’s biggest crypto exchange, WazirX , the distributed denial-of-service (DDoS) attack on Japan Airlines , and the cyberattack on Singapore law firm Shook Lin & Bok .
Globally, Cyber incidents (38% of overall responses) rank as the most important risk for the fourth year in a row – and by a higher margin than ever (7% points). It is the top peril in 20 countries, including Argentina, France, Germany, India, South Africa, the UK and the US. More than 60% of respondents identified data breaches as the cyber exposure companies fear most, followed by attacks on critical infrastructure and physical assets with 57%.
Natural catastrophes remain a major concern .
Natural catastrophes retain their #3 spot in Asia. The region is heating up faster than the global average , with increased casualties and economic losses from floods, storms, and more severe heat waves.
It is the top risk in Japan, which faced an M7.5 earthquake in the Noto Peninsula that resulted in insured losses of US$3bn, with economic losses reaching US$12bn, and in Hong Kong, which experienced its heaviest rain in November 2024 since records began 140 years ago due to Typhoon Haikui.
Globally, Natural catastrophes remain at #3 with 29%, although more respondents also picked this as a top risk year-on-year. For the fifth time in 2024, insured losses surpassed US$100bn . 2024 is expected to have been the hottest year on record. It was also a year of terrible natural catastrophes, with extreme hurricanes and storms in North America, devastating floods in Europe and Asia, and droughts in Africa and South America.
Resources:
- Global media release and top 10 business risks for 2025
- Allianz Risk Barometer methodology and full global and country risk rankings
- Asia media releases for China, Hong Kong, India, Japan, Malaysia, Singapore, South Korea, and Thailand
About Allianz Commercial
Allianz Commercial is the centre of expertise and the global line of Allianz Group to ensure mid-sized businesses, large enterprises, and specialist risks. Among our customers are the world’s largest consumer brands, financial institutions and industry players, the global aviation and shipping industry, and family-owned and medium enterprises, which are the backbone of the economy.
They also cover unique risks such as offshore wind parks, infrastructure projects or film productions. Powered by the employees, financial strength , and network of the world’s #1 insurance brand, as ranked by Interbrand, we work together to help our customers prepare for what’s ahead: They trust us to provide a wide range of traditional and alternative risk transfer solutions, outstanding risk consulting and Multinational services, and seamless claims handling.
The trade name Allianz Commercial combines the large corporate insurance business of Allianz Global Corporate & Specialty (AGCS) with the commercial insurance business of national Allianz Property & Casualty entities serving mid-sized companies.
They exist in over 200 countries and territories through our teams or the Allianz Group network and partners. In 2023, Allianz Commercial’s integrated business generated more than €18 billion gross premium globally.
