Climate change, natural catastrophes, environmental risks, changes in legislation, and business interruption have been identified as the top five risks confronting the agriculture sector.
The Allianz Risk Barometer 2024 released yesterday, highlights the growing importance of addressing these risks to ensure business continuity and safeguard against potential disruptions, noting that addressing these risks was crucial for the sustainability and growth of the agriculture sector.
The annual business risk ranking is based on insights from more than 3 000 risk-management professionals and business leaders.
Climate change was the top risk with 59% of respondents saying it remained the foremost risk for the agriculture sector, with rising temperatures, shifting weather patterns, and increased frequency of extreme weather events significantly impacting crop yields, and livestock health.
To mitigate this risk, the authors of…