October 24, 2022
By Thomas Buberl
CEO at AXA
Now in its 9th consecutive year, AXA’s Future Risks Report is a global study that provides an overview of the major risks of tomorrow.
Over nearly a decade, this report has tracked how major changes in our world are taking shape; it helps us to anticipate future threats in order to better protect ourselves and prepare for them.
The 2022 edition shows a fragmented, overheated world in which crises are increasingly occurring all at the same time, rather than one succeeding another. In addition to the major risks already discussed in previous years – such as pandemics, cyber risk and climate change – this year we are seeing more threats linked to geopolitics, energy, and economic and social instability.
The principal lesson of the report concerns the climate emergency. For the first time, climate risk tops the rankings in all regions of the world, and is also the top concern for the general public in the United States. Geopolitical tensions come second – unsurprisingly, as this risk amplifies those that come both third (cyber risk) and fourth (energy risk, moving up 13 places from last year’s study).
Economic and social concerns also move up significantly. For the first time, the experts we surveyed include three economic risks in their top 10 – along with social tensions, which ranks in sixth place. As the economic risks are all drivers of inequality, they are fuelling concerns about social tensions.
In the face of these challenges, the report confirms a trend that has been evident for years: an increase in the general feeling of vulnerability, and erosion of confidence in the ability of institutions to find sustainable solutions. In fact, I see this as the greatest risk that threatens us: the feeling of powerlessness. It is as true today as it has ever been that only action will enable us to meet the challenges we face. This requires, first and foremost, our ability to build consensus and to act collectively.
For this to happen, everyone must assume their responsibilities. This starts with companies. Firstly, because action is in their DNA. Secondly, because they have the financial, human and technological resources to make a contribution. Finally, because they are expected to do so. The report reveals that almost 70% of the general public believe that insurers will have an important role to play in mitigating future risks. We must meet these expectations. At AXA, we are determined to play our full part.
