Businesses must watch out for sudden changes to regulations amid fears of increasing protectionism and anti-globalisation, according to Allianz.

The warning comes as business interruption is named the leading concern for companies in this year’s Allianz Risk Barometer – the fifth year in a row it has topped the chart.

The insurer surveyed more than 1200 risk experts from more than 50 countries.

About 37% put business interruption among their top three global risks.

“Market developments” ranks second, followed by cyber incidents and natural catastrophes.

Allianz Deputy Chief Economist Ludovic Subran predicts protectionist measures in emerging markets such as China, Brazil and Indonesia, as well as the US and UK, will increase and grow more complex.

He says since 2014 about 600-700 new trade barriers have been introduced globally each year.

“There will be fewer obvious, brutal trade bands, but more sophisticated measures, which will make sure that somehow local companies are favoured,” Mr Subran says.

“Companies need to monitor and understand better the political, legal and regulatory environment in which they operate.”

Volker Muench, Global Practice Group Leader Property Underwriting at Allianz Global Corporate & Specialty, says business interruption tops the list again because new “non-damage” triggers such as cyber incidents and changing political landscapes are constantly emerging.

By country, Australian respondents consider business interruption the top risk, followed by market developments and cyber incidents.

The US top three is business interruption, cyber incidents and natural catastrophes.

Interestingly, UK businesses put cyber risks at No.1, with business interruption and macroeconomic developments next up.