At a glance: Nine recent risk studies, 2026
The risk landscape remains characterised by overlapping crises. Geo-economic confrontation, cyber threats and the rapid spread of artificial intelligence are compounded by a situation that remains tense in terms of natural hazards, supply chains and regulation. In this environment, what matters most for risk and insurance management is not so much monitoring individual high-risk events as understanding how they interact with one another.
Key insights for 2026
Dr Alexander Skorna, Managing Director of Funk Consulting, has reviewed nine renowned risk reports, updated annually, from 2026 and the end of 2025 (see below). In his view, the ranking of risks shifts noticeably in 2026, whilst the underlying assessment remains the same: the risks are more closely interlinked than ever. In his view, these are the key findings for the year 2026:
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Cyber remains the top risk
Cyber incidents top the Allianz Risk Barometer 2026 for the fifth year running, reaching the highest level ever recorded at 42 per cent of mentions. Cyber and data security also remain in first place in the Internal Audit department’s European ‘Risk in Focus 2026’ report.
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Artificial intelligence is the biggest climber
AI has risen from 10th to 2nd place in the Allianz Risk Barometer and, for the first time, ranks among the top risks in almost all sectors. The World Economic Forum has recorded the biggest long-term increase ever in the negative consequences of AI. At the same time, PwC and Protiviti highlight a gap between AI investment and measurable benefits. AI is simultaneously a driver of productivity, a catalyst for cyber threats, a source of liability and a governance challenge.
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Geopolitics and geo-economics are coming to the fore
The World Economic Forum regards geo-economic confrontation – for example, through tariffs, sanctions and export controls – as the greatest immediate risk in 2026. The Eurasia Group ranks political upheaval in the US as the top risk. Political risks and violence have reached their highest level yet in the Allianz Risk Barometer, ranking seventh.
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Business disruption and supply chains are under pressure
Trade restrictions have multiplied within the space of a year; only a very small proportion of companies rate their own supply chains as highly resilient. Despite a slight decline, business disruption remains in third place as the area in which many top risks have a tangible financial impact.
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Climate change remains a key strategic concern, but is being overshadowed in the short term
In the AXA Future Risks Report, climate change tops the list among experts for the fifth year running, although the gap between it and geopolitical and cyber risks is narrowing. The World Economic Forum continues to view environmental risks as the top priority in the long term, whilst they are falling behind in the short term. Swiss Re is highlighting extreme heat as a distinct and growing area of loss.
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Regulatory matters and ESG remain an ongoing challenge
Changes to legislation and regulations continue to rank among the top risks. For German companies, the CSRD and the Omnibus debate, supply chain obligations, NIS-2, DORA and AI regulation combine to form a complex compliance framework that must be increasingly integrated with their insurance programme.
From analysis to placement
Ultimately, the question for businesses is how to turn a risk landscape into a viable insurance cover. How effectively a risk can be insured depends increasingly on how transparently a company manages, documents and financially structures its risks. Funk Consulting supports companies to create risk transparency, improve their options in the insurance market and reduce overall costs – from analysing total insurance costs, through captive consulting and analysing loss of earnings, to building valuation to verify the plausibility of insured values.
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Allianz Risk Barometer 2026
Every year, several thousand experts worldwide are surveyed for the Allianz Risk Barometer; the 2026 edition is based on over 3,300 responses from around 100 countries. Cyber incidents remain the leading global business risk for the fifth year running, reaching 42 per cent – the highest figure ever recorded. Artificial intelligence is the biggest climber, rising from 10th to 2nd place. Business interruption follows in 3rd place, behind legislative and regulatory changes and natural disasters. Political risks and violence have reached an all-time high, ranking 7th.
AXA Report on Future Risks 2025
The twelfth edition of the AXA Future Risks Report was published in October 2025 and surveyed around 3,600 insurance professionals and 23,000 members of the general public. Climate change remains the top risk among professionals for the fifth year running, although the gap between it and geopolitical instability (ranked 2nd) and cyber security (ranked 3rd) is narrowing. In Europe, geopolitical instability has already overtaken climate change as the top risk. This year’s report focuses on social fragmentation as a factor exacerbating the polycrisis.
BCI Horizon Analysis Report 2025
The Business Continuity Institute’s Horizon Scan Report analyses the risks organisations faced last year and those that will be at the top of the agenda in the future. The 2025 edition emphasises that disruptions are more complex and interconnected than ever before, and that digital, environmental, operational and human dimensions often converge simultaneously. Cyber threats, technical failures, climate-related events and supply chain vulnerabilities are at the forefront; new technologies such as AI are challenging established methods.
ECIIA / Chartered IIA – Focus on Risk 2026
The “Risk in Focus” series of studies, coordinated by the ECIIA, analyses the greatest risks facing European companies from the perspective of internal audit; the 2026 anniversary edition is based on 879 responses from Chief Audit Executives across 15 countries. Cyber and data security remains by far the top risk. Human capital, talent management and employee retention follow in second place. Digital disruption and AI rise to third place, whilst macroeconomic and geopolitical uncertainty, together with regulatory changes, occupy fourth place. Climate change drops to tenth place on the audit agenda.
Eurasia Group – Top Risks 2026
The Eurasia Group’s annual ‘Top Risks’ report analyses the ten greatest geopolitical risks of the year. For 2026, political upheaval in the US tops the list: the authors, Ian Bremmer and Cliff Kupchan, describe the US as the central source of global uncertainty in a ‘G-Zero’ world. Other key areas of focus include escalating trade and security conflicts, a more militarily assertive US stance in the Western Hemisphere, a weakening political centre in Europe, and AI business models under market pressure.
Protiviti / NC State – Executive Perspectives on Top Risks 2026
The 14th edition of the survey, conducted by Protiviti and the ERM Initiative at NC State University, polled around 1,540 board members and C-level executives worldwide on risks in the near future (2026–2028) and the coming decade. Cyber security, reliance on third parties and AI governance dominate executives’ concerns; five of the top ten near-term risks are operational in nature. At the same time, around 70 per cent of respondents are optimistic about growth opportunities – the study describes a shift from risk avoidance to the deliberate exploitation of risk.
PwC – 29th Global CEO Survey 2026
The Global CEO Survey is PwC’s largest annual survey of senior executives; 4,454 CEOs from 95 countries took part in the 29th edition. CEOs’ confidence in their own revenue growth has fallen to its lowest level in five years – with only around 30 per cent expressing confidence. Factors weighing on confidence include mixed returns on AI investments, geopolitical risks and more intense cyber threats. German CEOs rate their exposure to cyber significantly higher than their British counterparts, for example; at the same time, Germany is becoming an increasingly attractive location for investment.
Swiss Re SONAR 2025
Swiss Re’s SONAR report has been identifying emerging risks and macro trends from the reinsurer’s perspective since 2013. The 2025 edition identifies eight new risks and five structural risks. The focus is on extreme heat, which claims more lives worldwide than floods, earthquakes and cyclones combined and affects numerous sectors. On a structural level, the report warns of dwindling trust in institutions and rising litigation costs. AI-related claims rose by over 60 per cent between 2023 and 2024. The report advises the industry to clarify cover, define exclusions and standardise policy wording.
World Economic Forum – Global Risks Report 2026
The 21st edition of the World Economic Forum’s Global Risks Report describes a world in the ‘age of competition’, characterised by fragmentation and confrontation. Geo-economic confrontation rises to become the greatest immediate risk in 2026, followed by state-led armed conflicts and misinformation and disinformation. In the long term, environmental risks dominate the ranking, led by extreme weather. The negative consequences of AI show the biggest long-term rise of all. For the second year running, inequality is considered the most interconnected risk.
Cyber risks
In today’s digital world, cyber-attacks can have serious consequences. IT alone cannot cope with this growing challenge. Companies should therefore adopt a holistic approach in both their thinking and their actions.
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An overview of the key risks facing businesses
Every business faces complex, unique challenges. This is part and parcel of business risk, provided the risks are calculable. Unforeseen risks, however, can quickly become a threat. We provide an overview of the key risk areas and outline possible solutions.
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