Cyber Remains Top Global Risk for 2026 as AI and Geopolitics Drive Loss Exposure

Cyber risk continues to dominate the global risk landscape heading into 2026, according to the 15th annual Risk Barometer from Allianz Commercial. For claims adjusters, the findings point to sustained pressure from ransomware, data breaches, IT outages, and third-party service failures, all of which are increasingly tied to large-loss cyber and business interruption claims. Cyber ranked first for the fifth consecutive year, with 42% of respondents identifying it as their top concern, well ahead of other exposures.

The report underscores how cyber incidents are no longer isolated IT events but systemic loss drivers. Ransomware alone accounted for 60% of the value of large cyber claims in early 2025, while data theft-related losses continue to rise. For claims professionals, this trend translates into more complex investigations involving coverage triggers, forensic timelines, regulatory penalties, and prolonged restoration periods that can stretch BI losses across months rather than weeks.

AI-related risk emerged as the second-largest concern globally, reflecting rapid adoption across core business operations. From a claims perspective, AI introduces new liability questions around automated decision-making, intellectual property misuse, misinformation, and unclear accountability when AI-driven outcomes cause harm. These exposures are likely to test policy language, exclusions, and causation standards, particularly in cyber, E&O, and liability claims.

Business interruption ranked third, fueled by geopolitical conflict, protectionism, and fragile global supply chains. Adjusters can expect more contingent BI claims tied to supplier outages, cyber-related shutdowns, and political risk events. The report highlights that only 3% of companies view their supply chains as very resilient, signaling continued volatility and dispute potential around loss measurement and dependency mapping.

Regulatory divergence also looms large for claims handling. Differing approaches to AI, digital governance, and sustainability rules across the U.S., EU, and China increase compliance complexity and heighten the risk of regulatory-driven claims. For adjusters, this fragmentation raises the stakes for jurisdictional analysis, especially in multinational losses involving cyber, data protection, and emerging tech.

Natural catastrophes and climate-related losses remain a critical concern despite slipping in the rankings. Events such as California wildfires and secondary perils like flooding and severe storms continue to drive large property and BI claims. Allianz’s findings reinforce the need for adjusters to evaluate overlapping perils, evolving loss patterns, and mitigation failures as climate volatility reshapes catastrophe exposure.