The global AXA Future Risks Report 2022 is now out, and here Insurance Business UK shares the top future risks in the country, based on British experts and the public.
According to AXA’s survey of 4,500 experts in 58 countries and 19,000 people from the general population in 15 countries – of which, 404 experts and 1,000 adults are based in the UK – below are the top risks in Britain for the next five to 10 years.
|
Ranking |
Top risks for UK experts |
Top risks for UK public |
|---|---|---|
|
1 |
Climate change |
Climate change |
|
2 |
Geopolitical instability |
Energy risks |
|
3 |
Energy risks |
Pandemics and infectious diseases |
|
4 |
Cybersecurity risks |
Geopolitical instability |
|
5 |
Social tensions and movements |
Cybersecurity risks |
|
6 |
Natural resources and biodiversity risks |
Natural resources and biodiversity risks |
|
7 |
Pandemics and infectious diseases |
New security threats and terrorism |
|
8 |
Macro-economic risks |
Financial stability risks |
|
9 |
Financial stability risks |
Pollution |
|
10 |
Monetary and fiscal policies risks |
Social tensions and movements |
“At a time when there is so much unrest and people are struggling, it is no surprise that issues such as energy risks and geopolitical instability feature so highly, not just in the UK but globally,” said AXA UK and Ireland chief executive Claudio Gienal.
“It’s concerning that such a large proportion of people feel vulnerable to the risks that surround us and have little confidence in either the government or private organisations to mitigate them. In this climate of growing vulnerability, mistrust, and scepticism, insurers can offer people reassurance by providing support and helping to protect against a range of risks.”
Gienal added: “The report confirms that people do recognise the safety net insurance provides and understand its benefits, particularly in these uncertain times. However, we need to continue working hard to raise awareness among those who perhaps don’t yet understand the importance of having protection for what matters to them and how this can help reduce these feelings of vulnerability.”
Produced in partnership with research institute IPSOS and geopolitical analysis consultancy Eurasia Group, the report found that respondents believe insurers would be able to support by providing innovative risk management tools and helping businesses to assess and plan for future risks.
Meanwhile, for the first time in nine years, experts in all regions across the world put climate risk at the top of the future risk pile.
