Natural disasters like floods and earthquakes are next on the peril list, followed by fire or explosion and regulatory changes, all of which hold the same rankings they did in 2013, according to the January report.

Allianz, however, sees a rise in "interconnected risks" and calls on companies to bolster internal processes and take a holistic approach to fight potentially systemic effects from an "evolving risk landscape."

Market stagnation or decline rose to fifth and loss of reputation or brand value climbed to sixth on the risk list, outpacing notable but declining concerns over intensified competition. Two new risks appear on the list "” technology failures and cybercrimes and espionage at Number 8, and theft, fraud and corruption at Number 9 - while worries over product defects declined to 10th highest concern.

This will be a critical year for companies in dealing with emerging risks, "with businesses around the world increasingly challenged by a combination of new technological, economic and regulatory related risks. These perils are also often interlinked, potentially creating a systemic threat for risk managers," the report says.

Source: Allianz