The annual survey shows artificial intelligence risk climbing to #2 worldwide as companies report increased operational, legal, and reputational concerns.

Allianz Commercial released its Allianz Risk Barometer 2026, an annual global survey of business risks, reporting that AI surged to the #2 spot in corporate risk rankings, up from #10 in 2025. The report reflects responses from 3,338 risk management professionals across 97 countries and territories during October and November 2025.

The barometer ranks AI as the second-most-cited risk for companies worldwide, with 32% of respondents selecting it as one of their top concerns – up from 10% last year. AI’s move to second place marks its highest ranking in the survey’s history.

The ranking applies to companies of all sizes and regions, with AI listed among the top three risks for large, mid-sized, and smaller firms alike. The report notes that AI and cyber risk now both appear in the top five concerns across most industry sectors.

According to the report, AI’s rise reflects its accelerating adoption and deeper integration into core business operations, which respondents said is increasing exposure to a range of risks. These include operational risks from failed or misaligned systems, legal and compliance risks tied to emerging regulatory frameworks, and reputational risks from misinformation and biased outputs.

“Companies increasingly see AI not only as a powerful strategic opportunity but also as a complex source of operational, legal, and reputational risk,” said Ludovic Subran, Chief Economist at Allianz.

The survey also found that nearly half of respondents believe AI brings more benefits than risks to their industries, while about a fifth view the risks as outweighing the benefits. Organizations reported implementation challenges, a gap between pilot projects and scaled deployment, and growing concern over workforce readiness.