2026 Risk Outlook: Insights from Aon’s Airmic Live Webinar

A Rising Tide of Interconnected Risks 

Opening the webinar, Amy Froude, Chief Commercial Officer, Aon UK Commercial Risk, highlighted the sharp rise in global uncertainty. “Volatility is no longer abstract; it can be clearly measured,” Froude said. She pointed to the combined pressures of geopolitical tension, inflation and fragile supply chains, accelerating technology risks including AI and cyber, and significant climate related exposures. 

“It is those businesses that understand the interconnectivity between each of these that are going to have a competitive advantage and unlock value for the future,” she added. 

The webinar poll reflected this reality. Cyber was identified as the top organisational concern for 2026 (44%), followed by geopolitical uncertainty (23%), with the remainder pointing to business interruption, regulatory change and supply chain disruption. 

Aon’s Global Risk Management Survey (GRMS) strengthens this picture, placing cyber as the top global risk, followed by business interruption, economic slowdown, regulatory and legislative change, and increasing competition.

The UK Risk Picture: Distinct Pressures and Priorities 

While the UK’s top three risks align with global trends, geopolitical uncertainty resonates even more strongly domestically. The UK also elevates two uninsurable risks into its top ten: failure to attract and retain talent, and failure to innovate or meet customer needs.

“From a UK standpoint… it highlights how we need to think outside of our swim lanes to be able to address these emerging threats and issues,” said Chris Scott, UK Managing Director, Aon Global Risk Consulting. Scott encouraged risk managers to collaborate more closely with HR and innovation leaders to ensure organisational resilience keeps pace with changing business demands.

A Growing Insurability Gap 

“Only two out of the top five risks – cyber and business interruption – are fully insurable,” noted Scott. With so many leading risks sitting outside traditional markets, organisations must broaden their risk financing toolkit.

Eddie McLaughlin, Global Practice Leader, Aon Global Risk Consulting, expanded the point: “If you look at the top 10 risks, only 20% of those risks are largely insurable.” For many organisations, this means exploring parametrics, captives and catastrophe bonds to secure liquidity at speed.

Yet takeup of analytics remains limited, with only a minority of organisations modelling scenarios, testing programme structures or quantifying total cost of risk. This gap makes it harder to judge where to retain, where to transfer and where alternative solutions add greatest value.

UK Readiness: Progress, but Patchy 

The GRMS shows overall risk readiness – or businesses that have a plan or formal review in place for the top ten global risks – decreasing slightly since 2023, averaging just under 60%. “We’re actually slightly less prepared than we were before,” McLaughlin noted, highlighting rapidly evolving geopolitical dynamics as a key factor.

Webinar polling provided further insight: 

• 9% say they are fully optimised
• 30% describe their capabilities as managed and regularly tested
• While the majority fall into developing or defined but inconsistently tested categories
  
  Cyber is the notable outlier, with more than 80% maintaining a formal plan or review process.

Climate: Understand Long Term Exposure

Climate remains a defining long-term challenge. McLaughlin emphasised the importance of understanding how exposure will shift over the next 20–30 years, particularly around natural catastrophe patterns and climate related disruption. McLaughlin emphasised the importance of understanding how exposure will shift over the next 20–30 years, particularly around natural catastrophe patterns and climate related disruption.

Human Capital: Finance the Talent Risk 

With talent scarcity featuring prominently in the UK’s top ten, leaders should consider the role of captives in employee benefits—an area that has doubled in adoption over the past decade and offers increasing value for larger employers.

Alternative Risk Transfer: Build Agility into Financing 

McLaughlin cited Jamaica’s use of parametric catastrophe bonds that delivered US$50 million in liquidity within two months of Hurricane Melissa, demonstrating how alternative structures can support faster recovery in periods of disruption.

Analytics + Controls: Reduce Reliance on Transfer 

“Not all risks are covered by traditional insurance markets,” Scott said. He stressed that analytics not only guide programme design but also help structure controls and loss mitigation, reducing dependency on insurance alone.

What Risk Leaders Should Do Next 

1. Put analytics at the heart of decisions
   Use scenario modelling to prioritise investment, optimise retention levels and determine where alternative solutions strengthen resilience.
2. Build resilience across functions
   Geopolitics, workforce, supply chain, technology and climate risks are interconnected. Working closely with HR, operations, technology and finance helps embed resilience across the organisation. 
3. Use benchmarking to drive strategic action
   Insights from the GRMS can help leaders frame internal discussions, challenge assumptions and inform forward looking investment.