Canadian Businesses Rank Legislation and Regulation Changes as Top Risk in 2026: Allianz Risk Barometer

TORONTO--(BUSINESS WIRE)--Global insurer Allianz Commercial’s Allianz Risk Barometer reveals Changes in Legislation and Regulation as the top ranked business risk for Canadian companies in 2026. Thirty-three percent of respondents cite this risk, which includes tariffs, new directives and sustainability requirements, as their top concern, up from fifth place in 2025.

Natural Catastrophes retains its second-place position on the survey with 30% of Canadian respondents noting concerns around storms, floods, earthquakes and wildfires.

Business Interruption, including supply chain disruption, drops to third place from its top spot in 2025. This peril remains a significant concern for global as well as Canadian businesses given its interconnectedness with other business risks.

One of the fastest risers in the Canadian rankings is Artificial Intelligence (AI) jumping from ninth to fourth place this year. As AI adoption accelerates and becomes more deeply embedded in core business operations, respondents expect AI-related risks to intensify, especially when it comes to liability concerns. The rapid spread of generative and agentic AI systems, paired with their growing real-world use, has raised awareness of just how exposed organizations have become.

Allianz Commercial CEO Thomas Lillelund comments: “Following the volatility and uncertainty of 2025, businesses continue to face interconnected and highly complex risks in 2026’s fast-changing environment. Given AI dominated many socio-economic discussions, it is unsurprising that it is the big mover in the Allianz Risk Barometer. As well as bringing huge opportunities, its transformative potential and rapid evolution and adoption are also reshaping the risk landscape, making it a standout concern for firms of all sizes worldwide, alongside other more established threats.”

Rounding out the top five of Canadian business risks is Climate Change with 24% of respondents raising concerns around the physical, operational and financial risks of extreme weather.

Now in its 15^th year, the Allianz Risk Barometer is an annual business risk ranking incorporating the views of 3,338 risk management experts in 97 countries and territories including senior managers, risk managers, brokers, and insurance experts.

Top 10 business risks in Canada in 2026

Top 10 global business risks for 2026

Methodology and full country and industry risk rankings

About Allianz Commercial

Allianz Commercial is the center of expertise and global line of Allianz Group for insuring mid-sized businesses, large enterprises and specialist risks. Among our customers are the world’s largest consumer brands, financial institutions and industry players, the global aviation and shipping industry as well as family-owned and medium enterprises which are the backbone of the economy. We also cover unique risks such as offshore wind parks, infrastructure projects or film productions. Powered by the employees, financial strength, and network of the world’s #1 insurance brand, we work together to help our customers prepare for what’s ahead: They trust us in providing a wide range of traditional and alternative risk transfer solutions, outstanding risk consulting and Multinational services as well as seamless claims handling. Allianz Commercial brings together the large corporate insurance business of Allianz Global Corporate & Specialty (AGCS) and the commercial insurance business of national Allianz Property & Casualty entities serving mid-sized companies. We are present in over 200 countries and territories either through our own teams or the Allianz Group network and partners. In 2024, the integrated business of Allianz Commercial generated around €18 billion in gross premium globally. https://commercial.allianz.com/

These assessments are, as always, subject to the disclaimer provided here.