Michael Heise, Allianz’s group chief economist, says in the analysis, “Nervousness and volatility in the financial markets eventually undermine confidence and business activities in the real economy, which in turn further unsettles investors and the markets.”

Meanwhile, in the WEF’s Global Risks 2012 report, 469 experts and industry leaders were surveyed about the global risks that will have the greatest impact on society over the next 10 years. Severe income disparity and chronic fiscal imbalances were viewed as the most likely risks to affect the global landscape. Major systemic financial failure was viewed as having the greatest impact, followed by water-supply crises.

“This report is a wake-up call to both the public and private sectors to come up with constructive ways to realign the expectations of an increasingly anxious global community,” said John Drzik, CEO of Oliver Wyman Group, a Marsh & McLennan Cos. member and one of the sponsors of the report along with Swiss Re, Zurich Financial Services Group and The Wharton School, University of Pennsylvania.

On business interruption, AGCS experts say vulnerable supply chains should be their clients’ highest priority, even though the economy is the risk on most of their minds. Paul Carter, head of property-risk consulting at AGCS, explains in the survey analysis that the increasing trend to source globally has reduced costs along the supply chain, but “the very flexibility that provides the supply chain with its cost advantages has also caused its inherent vulnerability.”

Cyber risks were not among the top concerns in either study. “Despite a broad awareness of the increasing risk, only 1 percent of risk experts say that their clients are concerned with cyber risks,” the AGCS report says. “Cyber risks are characterized by constant innovation and change and are therefore difficult to control.”