JMD Ross Insurance Brokers is among a group of almost 4,500 experts from 58 countries invited annually to give their views on emerging risks.
The experts’ views, along with those of 20,000 individuals from the public in 15 countries, are compiled into the Axa Future Risks Report.
The ninth edition is now released and the findings are not all that surprising, given the turmoil the world has faced over the last few years.
Key findings are:
- Climate change is the number one risk in all geographic areas
- Geopolitical risks rank second, overtaking cyber and the pandemic
- A sense of vulnerability to some risks is increasing and the level of trust is deteriorating.
The top 10 risks, according to the experts, are:
- Climate change
- Geopolitical instability
- Cyber security risks
- Energy risks
- Pandemics and infectious diseases
- Social tensions and movements
- Natural resources and biodiversity risks
- Financial stability risks
- Macro-economic risks
- Monetary and fiscal policy risks
The 2022 Future Risks Report shows a fragmented, overheated world, where crises occur concurrently. The report highlights an increase in the general feeling of vulnerability and an erosion of trust in institutions about their ability to find sustainable solutions. Among the general population, 80% of respondents consider themselves more vulnerable than five years ago.
Geopolitical tensions moved up to second place in the ranking by experts, just ahead of cyber risk, which was ranked #4 by the general population.
Experts were more worried than the general population about economic and finance-related risks.
The Future Risks Report enables comparisons over time between regions and between the perceptions of experts and the general population.
With a growing number of people losing trust in public and private institutions to protect them against risks, insurers and insurance brokers play an important role in helping to restore confidence through mitigating the risks that worry people on an individual level.
The report suggests insurers and brokers need to support innovative solutions, contribute to prevention and resilience, share their expertise in risk management, and participate in building a common risk culture.
You can read the full report here.