With a little over a year left before the UK officially says goodbye to the European Union, it’s no surprise that the thought of what Brexit could bring is becoming more and more worrisome for British firms.
Citing the UK portion of the Allianz Risk Barometer 2018, Reuters said the risk of legislative and regulatory changes – which includes Brexit and other similar woes – is now the second biggest concern for risk managers in the UK. Compared to last year’s global survey, that particular risk rose three spots and is now ranked next to the biggest worry for businesses in the country — cyber.
“Companies must gear up to cope with the risk of sudden political and legal shocks, such as the lack of clarity over UK Plc’s future relationship with the European Union,” said UK chief executive of Allianz Global Corporate & Specialty Brian Kirwan, as quoted by the report.
Insurance undertakings, for instance, have been told to consider all Brexit eventualities and allot sufficient and timely preparation for what’s to come. National supervisory authorities, on the other hand, have been urged to take appropriate action to ensure readiness.
Globally, the survey of over 1,900 risk experts from 80 countries showed business interruption as the most significant concern. Every year the Allianz Risk Barometer identifies the major risks for companies for the next 12 months and beyond.