The top five risks Canadian businesses say they’re facing: Aviva

Top risks include public health events, cyber security, employee mental health, and more

Toronto, ON (Mar. 9, 2022) – Aviva Canada has released the first research-based report of its kind to help Canadian business leaders better understand the unique risks they face.

Aviva Canada’s Risk Insights Report is a new and in-depth look at the current state of risk through the eyes of Canadian business owners and decision-makers and provides a blueprint for future resilience. Drawing on interviews conducted with 1,500 Canadian businesses of all types and sizes, the report reveals that the top five risks identified by Canadian businesses are:

  1. Public health events
  2. Cyber security and cyber incidents
  3. The health and mental wellbeing of employees
  4. Shortage of skilled workforce
  5. Business interruption, including disruptions in supply chain

It’s the first Canadian report of its kind and the beginning of an ongoing series that expands on Aviva’s commitment to help businesses make sense of their specific risks, better manage those risks, and prepare for the future.

One of the report’s main conclusions is that Canadian businesses now view risk much differently in the wake of the COVID-19 pandemic and are increasingly focused on risk management and Business Continuity Plans (BCPs). In fact, the research found that nearly 6 out of 10 Canadian businesses (58 per cent) said their continuity and risk planning needs to be updated.

“We live in an unpredictable, fast moving and increasingly risky world,” says Jason Storah, CEO of Aviva Canada. “Our report highlights that reality. We can’t predict risk or remove it all together, it’s a fact of business life. As unforeseen as COVID-19-related risks were over the past two years, Canadian businesses already face new geo-political and inflationary risks that will impact everyone in 2022. We believe that gathering data is the first step to understanding the risks around us and helping Canadian businesses to become more resilient. We need to be able to see beyond the next curve in the road and identify future risks before they’re already upon us – because we know they’re coming.”

Access the full report: Risk Insights Report 2022.

About Aviva Canada

Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, lifestyle, and business insurance to 2.4 million customers. A subsidiary of UK-based Aviva plc, Aviva Canada has more than 4,000 employees focused on creating a bright and sustainable future for our people, our customers, our communities and our planet. Launched in 2019, Aviva Canada is investing in safer communities through Aviva Take Back Our Roads, which uses data driven solutions and strategic collaborations to make safer roads a reality for all. In 2021, we announced our plan to become a net zero carbon emissions company by 2040, the most demanding target of any major insurance company in the world. For more information, visit aviva.ca.

SOURCE: Aviva Canada Inc.

Tags: , , ,