Top Business Risks for 2022

Allianz recently studied the top business risks of 2021 with a view to identifying the top risks moving forward into 2022. The study was collated with information from risk management experts and covered data from many countries and territories.

Here we look at the risks ranked most important by those surveyed in the UK.
The full Allianz report can be read here

Top 5 Business Risks for 2022 for UK Businesses

  1. Cyber Incidents.
    Ranked number 2 in 2021.
    With a massive shift to home working during the pandemic, cyber incidents became the main risk to Businesses.
  2. Business Interruption
    Ranked number 3 in 2021
    With Brexit and the Pandemic, business interruption saw a jump to number 2 due to many businesses having to close their doors for business in the last 24 months.
  3. Climate Change
    Ranked number 6 in 2021
    With many businesses having to rethink there business model as a result of Climate Change.
  4. Changes in Legislation and Regulations
    Ranked number 4 in 2021
    With Brexit and Pandemic regulation changing frequently, 2021 was a frustration for many businesses. Moving into 2022, many of these issues are still not settled yet.
  5. Market developments
    Ranked number 5 in 2021
    Volatility, intensified competition/new entrants, M&A, market stagnation, market fluctuation.

The in-depth Allianz report goes on to include an additional 5 business risks and can be read here: https://bit.ly/3uV65Uv

Time to Review your Insurance Covers?

Not adequately reviewing your business insurance could also be considered a risk, things change with time and its easy to forget that your insurance needs updating.

Increases in Buildings reinstatement costs can go unnoticed potentially making you underinsured, the same can be said about your plant, machinery, and other business contents.

It’s important that your insurance is reviewed periodically, we can do this for you, we ensure that the correct cover is in place and at the correct levels as well as providing competitive insurance cover from a wide range of UK insurers.

Contact us on 0330 058 0260