Cyber incidents again rank as the top global risk for 2026, followed by the closely linked peril of artificial intelligence (AI) which climbs from #10 last year. Both cyber and AI now rank as top five risks in every region and almost all the industry sectors analyzed in this year’s survey by Allianz.
Cyber incidents created many headlines in 2025 and are still the biggest worry for companies globally in 2026, according to the Allianz Risk Barometer. The past year has also been a significant one for accelerated adoption of artificial intelligence (AI), which is reflected in its ranking as the biggest riser in the annual survey at #2 as a complex source of operational, legal, and reputational risk for businesses.
Factors such as a quieter hurricane season in terms of losses during 2025, mean Natural catastrophes drops to #5, year-on-year. Meanwhile, Political Risks and Violence climbs from #9 to #7, driven by increasing concerns over geopolitical volatility and conflicts around the world.
For the first time ever, Business interruption is not in the top two risks, dropping to #3. Yet, this peril remains a significant concern given it can be a consequence of other risks in the global top 10. Business interruption (incl. supply chain disruption) remains a key concern at a time when operations and supply chains are under unprecedented pressure from a combination of geopolitical, digital and climate change-related risks – all of which feature in this year’s top 10 global concerns.
These risks are not expected to recede any time soon – in fact the impact of geopolitical tensions, extreme weather events, and technological innovation is only likely to intensify in the years ahead. As a result, businesses large and small will need to double-down on their efforts to bolster resilience. However, just 3% of respondents in this year’s survey view their supply chains as “very resilient”.
“AI is the big mover in the Allianz Risk Barometer 2026”, said Michael Bruch, Global Head of Risk Consulting Advisory Services, Allianz Commercial. “Its rapid evolution and adoption are reshaping the risk landscape, making it a standout risk for businesses worldwide. Yet in many ways, it could be seen as just another risk to add to the growing list of challenges for businesses. However, AI’s transformative potential means it cannot be underestimated. As the results show, many of the top perils are interconnected and highly complex risks that will impact every organization in 2026”, Michael Bruch explained. “Those businesses that can develop integrated risk management and resilience strategies – that are forward-looking, strategic, and functional, and agile enough to adapt to rapid change – will be best placed to capture opportunities presented by transformative technologies and seismic changes in geopolitical and societal trends”, he added.
“Following the volatility and uncertainty of 2025, businesses continue to face interconnected and highly complex risks in 2026’s fast-changing environment. Given the continuing rise of AI across society and industry, it is unsurprising that it is the big mover in the Allianz Risk Barometer. As well as bringing huge opportunities, its transformative potential and rapid evolution and adoption are also reshaping the risk landscape, making it a standout concern for firms of all sizes worldwide, alongside other more established threats”, commented Allianz Commercial CEO Thomas Lillelund.
The full report can be found here.
