The two most important business risks in the Americas and Asia-Pacific in 2023 are business interruption and cyber incidents, according to the latest Allianz Risk Barometer from Allianz Global Corporate & Specialty (AGCS).\r\n\r\nBoth risks have, however, declined in importance while other risks have grown, notably macroeconomic developments (such as inflation, deflation, monetary policies, austerity programmes), energy crisis (supply shortage\/outage, price fluctuations) and political risks and violence (including political instability, war, terrorism, civil commotion, strikes, riots, looting), all of which were new entries into the top ten in both regions.\r\n\r\nFor the Americas, the most important business risks in 2023 were business interruption (including supply chain disruption), with 39% or respondents listing it as a major risk (down from 46% last year), and cyber incidents (32%, down from 40%). These were followed by macroeconomic developments, a new entrant on the list, and shortage of skilled workforce.\r\n\r\nAccording to the Allianz Risk Barometer, natural catastrophes were fifth on the list of most important business risks, but the number of respondents listing it fell from 35% to 23%. The US, which suffered the second-costliest catastrophe loss event ever for the insurance industry in 2022 in Hurricane Ian, saw natural catastrophes fall from third to fifth in the top ten risks.\r\n\r\nEnergy was, unsurprisingly, another new entry in the list at four, as was political risks and violence, appearing at ten. Climate change was seventh on the list with little change in the number of respondents listing it as a major risk.\r\n\r\nFor Asia-Pacific, the most important business risks in 2023 were also business interruption, with 35% of respondents listing it as a major risk (down from 37% last year) and cyber incidents (32%, down from 40%), followed by nat cats (a small increase), changes in legislation and regulation, and climate change (22%, up from 16%).\r\n\r\nPandemic outbreak declined from third place (27%) to seventh (16%) this year, although in China, reflecting its current issues, it rose up the listing from ninth (11%) to third (30%) in the top ten risks for 2023. And again, not surprisingly given its recent climate problems, Australia saw nat cats move up from fourth (29%) last year to the top spot (45%) for 2023.\r\n\r\nThe Allianz Risk Barometer incorporates the views of 2,712 risk management experts in 94 countries and territories including CEOs, risk managers, brokers and insurance experts. All respondents could select up to three risks per industry.