Business insolvencies on track for another global rise in 2025, with all regions above 2016-19 average

• Global business insolvencies are projected to rise over the next two years, with increases of +10% in 2024, +7% in 2025, and +3% in 2026, marking five consecutive years of growth (2022-2026).
  
  
• The number of business insolvencies increased in four out of five countries, with most recording a double-digit increase. Asia ended 2024 with higher-than-expected increases in most countries and major rises notably in Singapore (+46%), Australia (+41%), New Zealand (+40%), Hong Kong (+25%), South-Korea (+17%) and Japan (+15%).
  
  

The upside trend continued in 2025 with: 

• +6% for Asia Pacific expected for this year^*
• +39% for Singapore in the last 12 months^**
• +47% in the number of claims declared in Singapore Y-O-Y^**

Three factors are behind this rise: the risk of delayed easing of interest rates, the prolonged uncertain environment and the soft rebound in demand.

_{*2025 Global Insolvencies Report – Allianz Research 
**Internal Allianz Research}