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Positive attitude to risk

15 Sep 2017

Christchurch businesses are more confident about taking risks than the rest of the country, according to latest research from Suncorp New Zealand.

The study found that three quarters of Christchurch businesses surveyed have taken medium to very large risks when making business decisions in the past – more than 20% higher than the rest of New Zealand.

Seventy-seven percent of the Christchurch businesses said that taking calculated risks results in better business decisions, compared to 59% nationwide.

The UMR research highlighted the resilience and pragmatism of people in the region, and their desire to get on with running successful businesses, Suncorp NZ Executive General Manager of Customer Experience Campbell Mitchell said.

“These businesses have had to face risk head on, and perhaps as a result, the research shows they feel more confident about making good risk decisions, and believe risks can push a business to the next level,” Mitchell said.

Cantabrians, according to the study, have also demonstrated a higher level of sophistication when it comes to risk-mitigation strategies, with 89% agreeing that assessing future trends and risks can keep a company ahead of its competitors (68% nationwide).

“The adversity Cantabrians have faced disrupted every part of their lives,” Mitchell said. “But that tragedy seems to have bred a city alive with resilience and innovation, and an attitude to risk that the rest of the country could learn from.”

The study also found that nationally, less than half of the businesses surveyed are confident in making risk decisions. Small and medium-sized enterprises (SMEs), although often more agile than larger corporates, are more risk averse and do not have comprehensive risk minimization strategies in place, the report said.

Christchurch and the rest of the South Island are more concerned about the risk of natural disasters than their Wellington counterparts, but are more focused on financial fraud (45%) and rising input costs (51%) than any other region.

The survey, which polled 415 NZ companies, was conducted earlier this year by UMR Research.

 - Insurance Business

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