Revealed – the highest 10 future dangers

Revealed – the highest 10 future dangers

Revealed – the highest 10 future dangers | Insurance Business America

New report highlights regional variations

Risk Management News

Kenneth Araullo

While dangers associated to huge knowledge and synthetic knowledge are on the rise, local weather change continues to be the primary concern for each specialists and the final inhabitants, as revealed within the newest Future Risks report from AXA and market analysis agency IPSOS.

For the third yr in a row, specialists have voted local weather change as the highest future danger, solely eclipsed by pandemics throughout the brunt of COVID in 2020. AI-related dangers, alternatively, discovered itself within the fourth prime spot after not showing within the prime 10 in any respect in 2022. It beforehand made the highest 10 future dangers record in 2021 (tenth), 2019, and 2018 (each sixth).

General cybersecurity dangers adopted local weather change as the highest future dangers for specialists, one rank greater than its 2021 placement. Coming up third is geopolitical instability, a danger extra related now than ever because the wrestle between Israel and Hamas continues. Rounding out the highest 5 are power dangers, which fell one place from the rating final yr.

Meanwhile, on the final inhabitants aspect, pandemics are nonetheless feared as they ranked second within the prime future dangers report. Cybersecurity positioned third for the final populace, whereas social tensions and power dangers rounded out the highest 5. Risks associated to synthetic intelligence and large knowledge did not crack the highest 10 for the final inhabitants because it received beat by pure assets and biodiversity dangers.

Future dangers – what are the regional variations?

From a regional perspective, the AXA report confirmed that there are inconsistencies throughout the priorities for various dangers. While local weather change continues to be the highest concern throughout all 4 areas (America, Africa, Europe, and APAC and the Middle East), the second highest rating danger differs.

With the battle in Ukraine on one entrance and the battle in Gaza on the opposite, Europe has cited geopolitical instability as its second prime future danger. For each America and APAC and the Middle East, which noticed a surge in cyberattacks and different illicit actions within the our on-line world, cyber safety dangers ranked quantity two.

AI-related dangers rank the best in each America and APAC and the Middle East as effectively, the place it reached the third prime spot.

Do rising applied sciences current extra points than it does options?

The report additionally polled each specialists and the final inhabitants on whether or not the advantages offered by rising applied sciences resembling generative AI outweigh the dangers that include it. In Asia, greater than half (52%) agreed with this sentiment, an outlook that reached its peak in China (57%).

However, the area that supported this sentiment essentially the most is Africa, the place 57% agree that technological advances create extra dangers than they clear up. For Europe, solely 46% agreed, whereas 49% polled in America shared the identical concern.

Across all areas, each the final inhabitants and specialists agreed, nevertheless, that there ought to be a break in AI and different disruptive applied sciences, with greater than six in 10 specialists sharing the assumption and 70% of the final inhabitants agreeing as effectively.

Social tensions and inequalities will proceed to be extra prevalent sooner or later, the AXA report additionally famous, with three quarters of specialists polled agreeing that they’re turning into extra critical over time. At the identical time, 70% of the final inhabitants feels the identical, with many agreeing that it’s going to result in fragmentation in international locations.

A significant focus for AXA regardless of insurance coverage alliance exit

In addition to the report, AXA Group deputy CEO Frédéric de Courtois additionally spoke about addressing local weather change as a significant focus for the agency, a press release that comes following the insurer’s exit from the Net Zero Insurance Alliance (NZIA) a number of months in the past.

“Despite what you might have seen on the NZIA, the core of AXA’s local weather technique in 2024 will probably be very bold. On that individual notice, as social gamers – as rational gamers – having an bold local weather technique for us is essential and a part of our duty.”

Courtois additionally stated that AXA’s angle in direction of local weather change as the highest future danger shouldn’t be world, and there are firms who don’t share the identical sentiment.

“This conviction shouldn’t be shared by all gamers… This is what we see on the bottom. Not everyone agrees in regards to the local weather technique,” Courtois stated.

“We really feel that every one dangers deriving from pure disasters may be insured towards. It’s a significant danger,” he stated. “We will proceed to dedicate a big a part of our capability to insuring pure disasters.”

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