The heat on fire safety has also been turned up around the globe. AGCS says that it experienced seven large property losses exceeding 10 million euros each in 2012, and six out of the seven were caused by fire.

“In emerging markets in particular, there is also the added risk of large loss of life,” AGCS says. “Over 250 people died after a fire in a textile factory in Pakistan in September 2012, while in November, over 100 died in a similar incident in Bangladesh. In areas such as this, lack of basic fire protection standards often plays an important role.”

Business interruption still takes first place for top risk, as it did in 2011's survey for top risks of 2012, with 46 percent of worldwide respondents in agreement. The “leaning out” of supply chains as businesses choose to reduce costs may be to blame. When a natural disaster hits a key or second-tier vendor, manufacturers and transporters may have no backup plan.

“The flexibility that provides a modern supply chain with its cost advantages has also created its inherent vulnerability,” says Carter.

AGCS recommends that companies add some room to single-supplier business chains, even if it means investing extra money.

Two risks AGCS highlighted that did not make it onto the list of insurers' top concerns were cyber risks and blackouts. Only six percent of respondents are aware of cyber risks or have any coverage for cyber risks, and the risk of power blackouts was similarly ignored while infrastructure in the U.S. and Europe ages and becomes exposed to terrorist attacks.

“If a blackout occurs, the impacts are much higher today than 10 to 15 years ago due to the high dependence on information and communication technologies and the lack of preparedness on the part of businesses,” warns Michael Bruch, head of R&D risk consulting at AGCS.