One, among the leading global professional services companies, has published the results of its Global Risk Management Survey 2023, biennial research, now in its ninth edition, sui main risks perceived by companies in Italy e globally. The objective of the report is to identify the most urgent business challenges.
In Italy, the main risk identified was the increase in raw material prices, which caused losses for almost 70% of the companies interviewed. Cyber risk, business interruption and the economic crisis follow. Same podium also at international level but cyber risk ranks first. And in these rankings the insurance factor is of concern: less than half of the risks present in the two top 10 are insurable.
The main risks in Italy
The main risks perceived by companies in Italy according to Aon's biennial survey they are:
- Increase in the price of raw materials/Scarcity of materials
- Cyber attacks/Data breach
- Business interruption
- Economic crisis/Slow recovery
- Rapidly evolving market trends
- Increased competition
- Issues relating to distribution or supplies
- Damage to reputation
- Damage to property
- Product Civil Liability and Product Recall
Of these risks are only four out of ten are insurable:
- Cyber attacks
- Business interruption
- Damage to property
- Product Civil Liability and Product Recall
Il main risk perceived by Italian companies is the possible increase in raw material prices and their lower availability on a general level. This factor caused losses for almost 70% of the companies interviewed in Italy, highlighting a peculiar vulnerability compared to the global context, due to the fragmentation of the local market which limits purchasing capacity and exposes companies to fluctuations in prices and availability of raw material.
- cyber attacks they occupy second place in the ranking of perceived risks, with Italy among the countries most affected in the world by this phenomenon, given its rapid digitalisation. There business interruption, related to cyber attacks and other factors such as supply chain issues and extreme natural events, is another significant concern for Italian businesses.
Finally, innovation to anticipate rapidly evolving markets and the potential loss of competitiveness due to growing uncertainties are other relevant issues for Italian companies.
“We are constantly committed to providing support to our Customers to help them make the best decisions for their business, even and above all in the face of increasingly complex and complex global risks", commented Giuseppe Faragò, Deputy General Manager and Chief Commercial Officer of One. “In a context like the current one, characterized by strong uncertainties, Aon offers consultancy services and insurance solutions specific to the individual needs of companies, protecting them from risks with the highest impact and always paying high attention to listening and closeness, as well as professionalism and competence".
The main global risks
A Globally, the top ten risks highlighted by the Global Risk Management Survey 2023 are:
- Cyber attacks/Data breach
- Business interruption
- Economic crisis/Slow recovery
- Inability to attract or retain talent
- Regulatory/legislative changes
- Issues relating to distribution or supplies
- Increase in the price of raw materials/Scarcity of materials
- Damage to reputation/brand
- Inability to innovate/satisfy customer needs
- Increased competition
In this top 10 only the first two are currently insurable risks and of the remaining 5 are not insurable.
“Il world is more volatile and reflects a series of profound changes in areas such as trade, technology, climate and workforce, which have brought the attention of business managers to the increasingly interconnected nature of the challenges related to risk and human capital management,” he said Greg Case, CEO of One. “Through the use of advanced analytics and more integrated Risk Capital and Human Capital skills, we are helping Clients quantify, manage and adapt capital to the risks present today, while continually innovating to meet their future needs.”
