The 2026 Allianz Risk Barometer revealed some surprising findings for the Renewable Energy industry. Now in its 15th year, this annual business risk ranking by corporate insurer Allianz Commercial incorporates the views of 3,338 global risk management professionals on the main perils on their radar for the year ahead.

Survey respondents included Renewable Energy risk experts who identified the threats keeping them up at night. Here is how they ranked the top industry risks for 2026:

Natural Catastrophes

Natural Catastrophes takes the top spot this year with 56% of Renewable Energy respondents citing this risk as their leading concern for 2026, up from second place in the 2025 survey. From the insurance perspective, economic and insured losses remained high, albeit lower than the 10-year average.  The evolving nature of natural catastrophes continues to pose significant challenges to businesses and the (re)insurance industry. Insured losses from natural catastrophes are set to reach US$107bn for 2025, according to Swiss Re – the sixth year in a row they have exceeded $100bn, while economic losses are well in excess of $200bn

A close-to-average North Atlantic hurricane season undoubtedly helped moderate losses this year. Of the 13 storms that formed, only three made landfall and, for the first time in 10 years, no hurricane made landfall in the US. Hurricane Melissa, however, was a reminder of the devastation a single storm can cause.

Natural catastrophes should remain a fixture on the business risk radar. Climate change makes large tropical cyclones, like Hurricane Melissa and Super Typhoon Ragasa, more likely. It only needs one typhoon hitting in the right place to disrupt global supply chains.

Business Interruption

Dropping from first to second place this year for Renewable Energy risk experts is Business Interruption (36%), which includes supply chain disruptions. 2025 marked a shift towards protectionist trade policies and tariff wars that brought uncertainty to the world economy. It was also a year of regional conflicts in the Middle East and Russia/Ukraine, as well as border disputes between India/Pakistan and Thailand/Cambodia and civil wars in Sudan, Ethiopia and Myanmar – a trend which continues in 2026 with the US intervention in Venezuela.

Global supply chain paralysis due to a geopolitical conflict ranks as the most plausible “black swan” scenario likely to materialize in the next five years (51%), according to Allianz Risk Barometer global respondents. Global trade and supply chains are being reshaped in a world divided by geopolitics, protectionism and the effects of climate change. In the past year alone, trade restrictions have tripled to affect an estimated US$2.7trn of merchandise according to Allianz Trade – nearly 20% of global imports – fueling trends such as friendshoring and regionalization.

When asked how their company is addressing shifting trade and investment patterns – including the impact of tariffs – half of Allianz Risk Barometer global respondents say they are exploring new markets and products. Almost half (49%) are renegotiating and diversifying supply chains, while a similar number say they are streamlining operations to cut costs, and/or investing in advanced analytics and supply chain management software. Just over a third (35%) are exploring nearshoring and evaluating domestic manufacturing options, while 32% are looking to improve inventory management, including storing inventory in Free Trade Zones.

Despite the lessons of the Covid-19 pandemic and geopolitical shocks such as the war in Ukraine, many companies are not confident in the resilience of their supply chains – only 3% of respondents rate their supply chains as “very resilient” in this year’s Allianz Risk Barometer. As risk becomes more complex and interconnected, all businesses, including Renewable Energy companies, will need to take a more holistic approach to resilience.

Climate Change

Coming in at #3 this year for Renewable Energy respondents is Climate Change (33%), which includes physical, operational and financial risks associated with extreme weather. 2025 marked yet another year of record global losses and growing climate risk. The year’s standout event was the California wildfires in January, which took place outside the traditional fire season and spread quickly in urban areas, incurring insured losses of $40bn, according to Swiss Re. Along with severe convective storms, the wildfires were a main driver of the $100bn+ global natural catastrophe losses incurred in 2025, of which $89bn were in the US.

When asked what aspect of climate change global risk managers fear most, business interruption tops the list at 63%. Supply chain reliance on just-in-time manufacturing and interconnected global supply chains means a climate event in one region can have ripple effects worldwide. November flooding in South-East Asia is projected to cut rubber output by up to 90,000 metric tons causing an estimated loss of $140mn, raising concerns over global supply and price volatility of the commodity in 2026.

To read the full report, please visit: 2026 Allianz Risk Barometer