5 biggest risks for financial services: Allianz – BenefitsPro


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Cyber risks and COVID-19 impacts top the list of risks the financial services industry faces in the coming months, but three more risks are just as significant.

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Following months of tumult ranging from a global pandemic to civil unrest and recently a major cyber attack that shut down one of the nation’s largest gas pipelines, it should come as no surprise that the financial services industry faces a period of heightened risk. According to Allianz Global Corporate & Speciality’s Financial Services Risk Trends report, COVID-19 on its own has caused one of the largest shocks to the global economy ever.

Despite an improved economic outlook, considerable uncertainty remains related to the pandemic and financial and government responses to it, which comes at a time when technology adoption and increasing global, social and governance issues as well as climate change are having a notable impact on regulations and economies.

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