The state of the economy has become a top concern for senior executives in Australia and New Zealand while the cost of business interruption is also an increasing worry.

Aon Risk Solutions’ annual Australasian Risk Survey has found the risk of economic slowdown, while usually ranked between five and 10, has risen seven places since last year to share first place with brand and image.

The survey of 133 organisations finds Ace is rated the insurer most capable of organising a multinational program inclusive of policies issued in multiple countries. Ace is also rated top across all revenue bands of $250 million plus, and across all industries except printing and publishing, where it is second.

AIG is rated top insurer for organisations in the $100 million-$249 million revenue band, while Allianz is the insurer of choice for those with revenue of up to $99 million.

Respondents rate value for money as the most important factor in choosing an insurer, and 67% say they want to see lower premiums in recognition of their investment in internal risk management.

Business interruption is the fourth-placed risk concern, moving up two places on last year. Aon Risk Solutions’ MD Global Jason Disborough attributes this to the Christchurch earthquakes and fires and floods in Australia.

“The effects of these disasters have been felt by many businesses, especially in terms of customer impact, and there is a real understanding now that there is absolutely no room for apathy about business interruption risk, particularly in relation to supplier management,” he said.

Mr Disborough says businesses are performing comparatively well, but “organisations now see the economy as a greater risk than they did during the global financial crisis and its immediate aftermath”.

Just over half the respondents reported losing income over the past year because of risk to brand and image.

Regulatory and legislative change, while rated as the third risk concern overall, is the top issue for the banking, insurance and finance industry, healthcare and not-for-profit organisations.

“The concern surrounding regulatory change may be based to a large extent on continued political uncertainty with an election on the horizon, along with new legislation such as the carbon tax, the mining and mineral resources rent tax and the harmonisation of the occupational health and safety laws,” Mr Disborough said.

But he notes that the changes have not materially impacted companies’ bottom lines.

Attracting and retaining talent remained at fifth place while lack of innovation and increased competition featured in the top 10 concerns for the first time.