Cyber incidents again rank as the leading global business risk heading into 2026, while artificial intelligence surged into second place, according to the latest Allianz Risk Barometer released by Allianz Commercial.
Cyber risk held the top position for a fifth consecutive year, cited by 42% of respondents, up from 38% a year earlier.
It ranked as the primary concern across companies of all sizes, reinforcing how digital exposure continues to cut across balance sheets, operations, and reputational risk.
Artificial intelligence recorded the sharpest year-on-year shift in the survey. Concerns linked to AI, including implementation risk, liability exposure, misinformation, and disinformation, were cited by 32% of respondents, compared with 10% last year when AI first entered the top ten.
Allianz said the speed at which AI is being embedded into core business processes is driving expectations that associated risks will intensify rather than stabilise.
Cyber and AI now sit among the top five risks for companies in almost every industry sector.
The convergence of digital dependency and automated decision-making is reshaping how organisations view operational resilience and liability exposure.
The 15th edition of the Allianz Risk Barometer reflects responses from 3,338 Allianz customers across nearly 100 countries and territories, surveyed during October and November 2025. The breadth of the sample highlights how consistent risk perceptions have become across regions.
Business interruption ranked third, easing slightly from second place last year. It was cited by 29% of respondents, down from 31%, yet remained closely tied to concerns around cyber events, supply chain disruption, and operational shutdowns.
Changes in legislation and regulation moved into fourth place, mentioned by 26% of respondents. Allianz pointed to trade policy uncertainty, including tariffs, as a factor pushing regulatory risk higher on corporate agendas.
Natural catastrophes slipped to fifth from third, reflecting a quieter hurricane season in 2025. Climate change followed closely behind in sixth place, down one position, though Allianz noted that long-term exposure remains unchanged despite short-term loss variability.
Political risks and violence climbed to seventh from ninth. Respondents cited war as the dominant concern within this category, followed by civil unrest, terrorism, and government intervention.
Allianz said geopolitical instability continues to feed directly into operational and supply chain planning.
Macroeconomic developments dropped to eighth from seventh, while fire and explosion fell to ninth from sixth a year earlier. Market developments rounded out the top ten, sliding from eighth place.
According to Beinsure, the results underline a structural shift rather than a cyclical one. Cyber and AI risks now sit at the centre of enterprise risk management, influencing how companies think about insurance, governance, and capital deployment as 2026 approaches.
