Press release -
Allianz broker research reveals regulation poses biggest risk to UK SMEs
Independent research amongst brokers commissioned by Allianz Insurance found that regulation is the biggest risk currently facing SMEs.
Brokers were asked what their SME customers were reporting as the most worrying risks for their business and they said the top five are:
- Regulation (59%)
- Cyber (56%)
- Data Loss (36%)
- Brexit (32%)
- Business Interruption (27%)
Allianz’s broker research found that in addition to looking for traditional insurance risk expertise from Brokers almost half (45%) have been asked by SME clients for advice on non-insurance challenges such as recruitment and training.
According to brokers, based on their discussions with clients they believe the top business challenges currently facing SMEs are cash flow (57%), competition (54%), increasing operational expenses (45%), recruitment (31%) and IT capability (27%).
Helen Bryant, director of SME markets, Allianz Insurance, said: “SMEs continue to operate in a very uncertain environment and our research emphasises the wide range of issues that they are facing.
“New regulations, such as GDPR, are clearly a top concern and the insurance industry can play a key role by sharing the huge amount of expertise we hold in this area. We are keen to work in partnership with brokers by providing technical expertise and knowledge for them to share with their customers.”
She added: “Our research clearly shows that SMEs see brokers as a source of advice and information that goes beyond traditional insurance risk management expertise. In addition to the wealth of expertise available on our new Allianz Risk Management website, we have also shared advice on general business challenges in our Supporting SMEs to Prosper report, which offers some really valuable insight for our broker partners and SME customers.”
ENDS
Notes to Editors
About the Survey:
Research was conducted by FWD Research amongst 101 UK business placing brokers between October 8th and 25th 2018
Topics
Regions
The information contained in this press release relates to Allianz Insurance plc. Allianz Insurance plc is one of the largest general insurers in the UK and part of the Allianz Group.
The Allianz Group is one of the world's leading insurers and asset managers with more than 92 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 673 billion euros on behalf of its insurance customers. Furthermore our asset managers PIMCO and Allianz Global Investors manage more than 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2018, over 142,000 employees in more than 80 countries achieved total revenues of 131 billion euros and an operating profit of 11.5 billion euros for the group.
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements
This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, most notably the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
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