Allianz research reveals regulation is the biggest risk currently facing 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.”
Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz Group, a leading integrated financial services provider and the largest property and casualty insurer in the world. The mission of Allianz Insurance is to be the outstanding competitor in our chosen markets by delivering products and services that our clients recommend, being a great company to work for and achieving the best combination of profit and growth. We aim to achieve this by putting the customer at the heart of everything we do.
Allianz is able to offer customers a wide range of products and services including home and motor and commercial insurance with full range of products and service for sole traders' right up to large commercial organisations. Allianz Insurance employs over 4,500 people across a network of 20 offices in the UK and the company’s Head Office is situated in Guildford, Surrey. Our heritage and financial strength help make Allianz what it is today; a safe and trusted partner. Over 40 FTSE100 companies partner with Allianz. youTalk-insurance sharing Allianz Insurance news and video
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