AXA reports climate change is #1 risk worldwide

Geopolitical risks come in second place, overtaking cyber and pandemic risks. 95% of the experts surveyed expect geopolitical tensions to persist and spread throughout the world. As an indirect consequence, energy-related risks are now in fourth place, up from 17th place last year.

Economic risks are increasing and fuelling social tensions. For the first time, experts rank three economic risks in their top 10: financial instability, macroeconomic deterioration and monetary and fiscal stress. Inflation is becoming an important concern for both experts and the general public.

In the general population, the feeling of vulnerability remains at a very high level (80% of respondents consider themselves more vulnerable than five years ago), and is even increasing in the face of certain risks such as climate change and the energy crisis. Furthermore, confidence in certain categories of decision-makers to find solutions is worsening, particularly regarding public authorities (58% vs. 62% in 2021), private companies (45% vs. 47% in 2021) and even scientists (66% vs. 75% in 2021). This general trend can be explained by the fact that the public believes that the level of preparation of public authorities for certain risks - such as climate change, cyber or geopolitical tensions - is insufficient.

"The 2022 edition of AXA's Future Risk Report describes an overheated world, where crises are stacked on each other. It also confirms underlying trends such as the fear of climate change, a heightened sense of vulnerability among populations and the decline in trust in major institutions to find sustainable solutions."

"These trends point to an additional risk, the feeling of powerlessness, at a time when we need the mobilization of all actors to provide collective, innovative and coordinated responses. The insurance sector in particular, can contribute its expertise in terms of prevention and protection," said Thomas Buberl, CEO of AXA.