European companies large and small consider disrupted natural gas supply to be one of the top business risks heading into 2023, according to a new survey by Munich, Germany-based insurance giant Allianz SE.

The energy crisis cracked the top 10 list of perceived risks for the first time in the 12-year history of the Allianz Risk Barometer report, taking the No. 4 overall spot. 

“The energy crisis is a new entrant to the 2023 survey, while concerns for macroeconomic developments, political risks, shortages of labor and critical infrastructure failure all increased this year,” researchers said. 

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