Business interruption is the year’s second-most important global business risk, according to the Allianz Risk Barometer 2022. Cyber incidents have become the specific cause of business interruption that companies fear most, followed by natural catastrophes, pandemics, and major transportation or shipping disruptions. Unprecedented disruption has also prompted corporate and government calls to strengthen supply chains and build resilience, Allianz reported.
Supply chain disruption had a “large impact” on 45% of businesses in 2021, and only 8% said they hardly suffered any impact over the past 12 months. “There is now a desire and willingness among top management to bring greater transparency to supply chains and to work with data to better understand the risks,” said Maarten van der Zwaag, global head of property risk consulting at AGCS. “Momentum has been building and increasingly businesses see resilience as a competitive advantage.”