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Covid, Cyber, Compliance and ESG Top Risk Concerns for Financial Services Sector Allianz

Nachrichtenquelle: Business Wire (engl.)
06.05.2021, 13:55  |  338   |   |   

Financial institutions and their directors have to navigate a rapidly changing world, marked by new and emerging risks driven by cyber exposures based on the sector’s reliance on technology, a growing burden of compliance, and the turbulence of Covid-19, according to a new report Financial Services Risk Trends: An Insurer’s Perspective from Allianz Global Corporate & Specialty (AGCS).At the same time, the behavior and culture of financial institutions is under growing scrutiny from a wide range of stakeholders in areas such as sustainability, employment practices, diversity and inclusion and executive pay.

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Top 10 causes of insurance claims loss by value for financial services sector: Allianz Global Corporate & Specialty

Top 10 causes of insurance claims loss by value for financial services sector: Allianz Global Corporate & Specialty

“The financial services sector faces a period of heightened risks. Covid-19 has caused one of the largest ever shocks to the global economy, triggering unprecedented economic and fiscal stimulus and record levels of government debt,” says Paul Schiavone, Global Industry Solutions Director Financial Services at AGCS. “Despite an improved economic outlook, considerable uncertainty remains. The threat of economic and market volatility still lies ahead while the sector is also increasingly needing to focus on so-called ‘non-financial’ risks such as cyber resilience, management of third parties and supply chains, as well as the impact of climate change and other Environmental Social and Governance (ESG) trends.”

The AGCS report highlights some of the most significant risk trends for banks, asset managers, private equity funds, insurers and other players in the financial services sector, as ranked in the Allianz Risk Barometer 2021, which surveyed over 900 industry respondents: Cyber incidents, Pandemic outbreak and Business interruption are the top three risks, followed by Changes in legislation and regulation – driven by ESG and climate change concerns in particular. Macroeconomic developments, such as rising credit risk and the ongoing low interest rate environment, ranked fifth.

The Allianz Risk Barometer findings are mirrored by an AGCS analysis of 7,654 insurance claims for the financial services segment over the past five years, worth approximately €870mn ($1.05bn). Cyber incidents, including crime, ranks as the top cause of loss by value, with other top loss drivers including negligence and shareholder derivative actions.

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Covid, Cyber, Compliance and ESG Top Risk Concerns for Financial Services Sector Allianz Financial institutions and their directors have to navigate a rapidly changing world, marked by new and emerging risks driven by cyber exposures based on the sector’s reliance on technology, a growing burden of compliance, and the turbulence of …

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