AXA Future Risks Report 2024: A Call for Action

AXA has released its latest Future Risks Report.
The report, which is used to help explore the evolving risks from across the world, is created from an annual survey AXA conducts.
3,000 risk experts from 50 countries and a representative sample of around 20,000 people from 15 countries were asked to rank their top five future risks, in regard to the impact they believe they will have in the next five to ten years of our society.
The survey was conducted from 14 May to 27 June 2024 and collected findings from people across America, Africa, Europe and Asia Pacific and the Middle East.
By collecting this data, the Future Risks Report can delve into the evolving risks we may face in the future.
This year, the report spotlights the rising anxiety many individuals are feeling because of the evolving poly-crisis globally, as well as the intense complexity of making decisions, managing risk and solving challenges as we enter a digital age.
The report outlines the significant impact insurers can have on our future, helping to mitigate and prevent these risks as our world evolves. The survey highlights how 91% of experts and 72% of the public emphasised how vital the role of insurers will be in enhancing protection against new risks in the future.
“The fact that these future risks are interconnected makes them more threatening and in some instances systemic” explained Thomas Buberl, CEO of AXA.
“To be confident in moving forward, our response must be equal to this challenge.’’
The Future Risks Report delves into the evolving risks we may face in the future and predicts how these may impact us as a society.
AXA Manifesto
The Future Risks Report draws evident parallels to AXA’s Manifesto.
The Manifesto emphasises how the company aims to enhance its protection in an evolving world. It outlines how global risks are becoming increasingly unpredictable and interconnected, resulting in greater feelings of uncertainty for our future.
“Life is full of risks,” said Thomas Buberl, AZA Group CEO.
“But I firmly believe the future shouldn’t be one of them. Everyone should have the right to be hopeful about the future. The world changes and new risks emerge. We have a responsibility to do more. We must try harder. The journey may be long, but we’ve already started to take action.”
“By identifying and anticipating new risks, we’re finding new solutions to make life safer, fairer and more inclusive for as many people as possible.”
The findings
Throughout the report, five key areas of concern are highlighted- top risks, bold thinking, geopolitical instability, AI-powered misinformation and future risks.
The report touches upon an evolving topic that is influencing many sectors- AI. The findings highlight how the growth of AI is causing a rise in misinformation, which is often hard to identify. 80% of experts and 78% of the public trusted their own abilities in social media to be able to identify the difference between false and true information. However, these results drastically shifted when AXA asked people if they believed that this ability was shared across the world, with only 25% of experts and 40% of the public agreeing.
David Colon, Professor and Researcher at Sciences Po Paris explained how “strategic use of fake news aims to undermine democratic regimes from within by amplifying divisions, encouraging mistrust, and eroding the ability of citizens and organizations to differentiate what’s true from what’s false.”
Looking ahead to the future, the report highlights the need for greater innovation and collaboration in the future to mitigate risks.
Global top 10
The report highlights the global top 10 emerging risks, according to experts. These were as follows:
- Climate Change
- Geopolitical Instability
- Cyber Security Risks
- Risks related to AI and Big Data
- Social Tensions and Movements
- Natural Resources and Biodiversity Risks
- Energy Risks
- New Security Threats and Terrorism
- Pandemics and Infectious Diseases
- Financial Stability Risks
Over the last four years, climate change has emerged at the top of the list, highlighting the growing anxiety this topic of discussion entails.
A similar pattern appears in the 2nd and 3rd ranks, with ‘Geopolitical Instability’ and ‘Cybersecurity Risks’ fluctuating in the top four since 2018. The report notes how this continuity raises concerns and a need to act globally.
To explore the 2024 AXA Future Risks Report, click here.
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