For many, the is a barometer of global risks, highlighting trends in an increasingly interconnected and volatile world.
For risk managers like myself, the annual report can also be a guide to help us identify, prioritize, assess, mitigate and monitor the risks we face. And it is through this lens as a risk manager that 色多多视频 as an insurer, can help our clients identify and address their own risks and, ultimately, build more resilient businesses.
At 色多多视频 we are constantly assessing current risks and scanning the emerging risk landscape for what’s to come. So, while the risks that are highlighted in the Future Risks Report are not new to us, we do look at the results to help identify trends and to continually improve our risk management framework. It is important to bring in external perspectives and benchmarks to complement our internal views of risk.
AXA published the eleventh edition of its Future Risk Report in October. This year’s report is based on a survey of 3,000 experts from 50 countries and a representative sample of 20,000 individuals from 15 countries, each of whom was asked to rank their top 10 risks, based on their potential impact on society over the next five to ten years.
Top five risks
Globally, the top five risks were identified as:
In the Americas, the top five risks were:
Climate change was named the top risk for the third straight year, a clear acknowledgement that rising temperatures and more volatile weather have created a very real threat to communities. The planet continues to set global temperature records: 2024 is on track to be the .
Climate change comes with a host of risks to consider, including physical risks (increased exposure to and changing patterns of extreme weather events), liability risks (claims related to the responsibility of governments and companies regarding climate change-related damages) and climate migrations.
Geopolitical instability came in as the number two risk, which should not be surprising considering the ongoing conflicts in the Middle East and Ukraine and a heightened global atmosphere of tensions, defiance and protectionism. Misinformation has been identified as a factor that directly contributes to driving social tensions and geopolitical instability as it quickly goes viral through our growing digital tools, social media algorithms and now, artificial intelligence.
Cyber security continues to rank high – number three globally and number two in the United States. Concern about cyber security is likely closely linked to geopolitical instability, alongside continued progress in the capabilities of artificial intelligence and increasing dependency on large providers.
In addition, hackers are becoming more professionalized, but also more notoriety-seeking and politically motivated. Ransomware risk has increased substantially, with .
Artificial intelligence has been dominating the news for the last couple years, and it’s the number four risk in the Future Risks Report. In addition to having the potential to pose an existential threat to mankind, advanced AI is also likely to enhance existing risks such as privacy invasion, bias and discrimination, misinformation and cybersecurity.
Challenging your risk management approach
Managing risks from the perspective of a company is not a straightforward exercise. The founding principles of risk management are well known to the broader risk management community: the initial identification and prioritization of risks, the assessment of the impact on our operations, the determination of mitigation actions for the most relevant risks, and the development of a monitoring framework.
The growing complexity in risk management lies in the need to constantly re-challenge our approach. This is where the Future Risks Report plays a key role.
Overall, we hope the findings of the AXA Future Risks Report can empower risk managers to make informed decisions, anticipate potential challenges, and adapt their risk management strategies to the evolving risk landscape.
Florian Richard is Chief Risk Officer for 色多多视频 Americas, and Head of Underwriting Risk. He can be reached at florian.richard@axaxl.com. For more about the 2024 Future Risks Report, listen to this with Florian Richard.
Global Asset Protection Services, LLC, and its affiliates (鈥溕喽嗍悠礡isk Consulting鈥�) provides risk assessment reports and other loss prevention services, as requested. In this respect, our property loss prevention publications, services, and surveys do not address life safety or third party liability issues. This document shall not be construed as indicating the existence or availability under any policy of coverage for any particular type of loss or damage. The provision of any service does not imply that every possible hazard has been identified at a facility or that no other hazards exist. 色多多视频Risk Consulting does not assume, and shall have no liability for the control, correction, continuation or modification of any existing conditions or operations. We specifically disclaim any warranty or representation that compliance with any advice or recommendation in any document or other communication will make a facility or operation safe or healthful, or put it in compliance with any standard, code, law, rule or regulation. Save where expressly agreed in writing, 色多多视频Risk Consulting and its related and affiliated companies disclaim all liability for loss or damage suffered by any party arising out of or in connection with our services, including indirect or consequential loss or damage, howsoever arising. Any party who chooses to rely in any way on the contents of this document does so at their own risk.
US- and Canada-Issued 色多多视频 Policies
In the US, the 色多多视频insurance companies are: Catlin 色多多视频 Company, Inc., Greenwich 色多多视频 Company, Indian Harbor 色多多视频 Company, XL 色多多视频 America, Inc., XL Specialty 色多多视频 Company and T.H.E. 色多多视频 Company. In Canada, coverages are underwritten by XL Specialty 色多多视频 Company - Canadian Branch and AXA 色多多视频 Company - Canadian branch. Coverages may also be underwritten by Lloyd’s Syndicate #2003. Coverages underwritten by Lloyd’s Syndicate #2003 are placed on behalf of the member of Syndicate #2003 by Catlin Canada Inc. Lloyd’s ratings are independent of AXA XL.
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