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Top 10 Australian Business Risks for 2015 and beyond

Nov 10, 2015

According to the 2015 Allianz Risk Barometer, the top SME Business Risks are Business Interruption (BI), Cyber, Political Upheaval, Tech Innovation and Climate Change.

The Allianz Risk Barometer, surveyed over 500 risk managers and corporate insurance experts from more than 40 countries.

It has been noted that Cyber Risks is the most significant mover in this year’s Barometer, and is also the top emerging risk for the next five years.

Yet although awareness increases, it is still the top risk underestimated by business, with budget constraints cited as one of the major reasons why companies are not more prepared for the disruption caused.

Globalisation also means businesses are more interconnected than ever before. The number of multinational companies has grown from 7,000 to almost 104,000 over the past 50 years, and is expected to reach 140,000 by 2020, causing additional risk complexity.

One risk can lead to several others. For example, natural catastrophes and cyber-attacks can cause business interruption, not only for one company but to whole sectors or critical infrastructure, such as power suppliers.

Please find below access to the full report, which includes an Industry analysis for the Engineering and Construction Industry, Manufacturing (including automotive), Financial Services, Power and Utilities, Marine and Shipping, Transportation, Aviation, Aerospace and Defence sector, Oil and Gas and the Food and Beverage Industry.

Analysing the major risks that could impact your business is critical, and making sure your insurance covers you if something goes wrong.

Your AustBrokers Comsure Adviser can help you plan and identify the impact early, and help you mitigate or help prevent losses occurring. Each year, risks change and emerge as external factors influence, hence the reason why it’s important that you and your Adviser review your insurance’s each year. Advice is really important. One small impact can result in the loss of reputation or brand value, causing economic loss for businesses, and even higher costs resulting from the interruption.

No business can afford to gamble and ignore this.

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