Cyber incidents are rated as the top risk in South Africa in 2024, with nearly half of businesses selected doing so, according to the Allianz Risk Barometer 2024, the 13th edition to date.
Uganda was added this year to the Barometer, which surveyed 92 countries or territories in total. The 2024 Allianz Risk Barometer incorporates the views of 3,069 respondents, of whom 23 were from Uganda.
The annual corporate risk survey was conducted among Allianz customers (businesses around the globe), brokers, and industry trade organisations. It also surveyed risk consultants, underwriters, senior managers, claims experts, as well as other risk management professionals in the corporate insurance segment of Allianz Commercial and other Allianz entities.
The top 10 risks in the 2024 Barometer for Uganda, as compared to their ranking worldwide, are:
|
Rank in
Uganda
|
Risk
|
Percent
|
Global rank
|
|
1
|
Cyber incidents (e.g., cyber crime, IT network and service disruptions, malware / ransomware, data breaches, fines, and penalties)
|
48%
|
1 (36%)
|
|
2
|
Market developments (e.g., intensified competition / new entrants, M&A, market stagnation, market fluctuation)
|
35%
|
9 (13%)
|
|
2
|
Theft, fraud, corruption
|
35%
|
14 (7%)
|
|
4
|
Changes in legislation and regulation (e.g., tariffs, economic sanctions, protectionism, Euro-zone disintegration)
|
26%
|
4 (19%)
|
|
5
|
Business interruption (incl. supply chain)
|
22%
|
2 (31%)
|
|
5
|
Macroeconomic developments (e.g., inflation, deflation, monetary policies, austerity programmes)
|
22%
|
5 (19%)
|
|
7
|
Critical infrastructure blackouts (e.g., power disruption) or failures (e.g., aging dams, bridges, rail tracks)
|
17%
|
13 (8%)
|
|
7
|
Fire, explosion
|
17%
|
6 (19%)
|
|
9
|
Climate change (e.g., physical, operational, and financial risks as a result of global warming)
|
13%
|
7 (18%)
|
|
10
|
Environmental risks (e.g., pollution, biodiversity issues, water stress)
|
9%
|
16 (5%)
|
|
Source: Allianz Commercial. Figures represent how often a risk was selected as a percentage of all responses for that country. Respondents: 23.
Figures don’t add up to 100% as up to three risks could be selected.
|
Globally, respondents were polled during October and November 2023. The survey focused on large, smaller and mid-size companies. Respondents were asked to select the industry about which they were particularly knowledgeable and to name up to three risks they believed to be most important.
Most answers were for large-size companies (>$500m annual revenue) [1,340 respondents, 44%]. Mid-size companies ($100m+ to $500m revenue) contributed 792 respondents (26%), while smaller enterprises (<$100m revenue) produced 937 respondents (30%). Risk experts from 24 industry sectors were featured.