Key Findings from AXA’s Future Risks Report

In its annual Future Risks Survey, AXA has unveiled the results on the most pressing emerging threats confronting countries and organisations today. As the survey celebrates its tenth year, 3,500 risk experts and over 19,000 members of the global public were asked to rank the top 10 future risks based on their potential impact over the next 5 to 10 years. The resounding message that emerged is that climate change is a concern shared by everyone, everywhere.

Providing a detailed breakdown of the survey findings, AXA reveals that climate change is the most significant risk facing the world in the next decade. While consistently ranking highly among experts since 2015, its the first time that the general public from all corners of the globe have placed climate change in top spot. Although a majority of experts (84%) and members of the public (78%) expressed deep concern about the physical risks associated with extreme weather patterns, some experts were equally apprehensive about ESG initiatives. AXA's report highlights a growing trend of green-blushing, where organisations downplay their ESG efforts to avoid potential backlash from the public. Indeed, navigating political pressure and extensive public scrutiny poses challenges for many organisations.

Cyber-risks secured the second position on the experts' global list of emerging risks, closely followed by geopolitical instability. The survey found that 90% of individuals feel vulnerable to cyber-risks in their daily lives.

Artificial intelligence (AI), experienced a significant boost compared to previous surveys. Experts ranked AI fourth, a considerable jump from its position last year. A majority of both experts (64%) and members of the public (70%) believe that there should be a pause in AI and other disruptive technologies research, due to a belief that AI poses an existential threat to mankind.

The experts' full top 10 global risks, according to the survey, are as follows:

1. Climate change

2. Cyber-security risks

3. Geopolitical instability

4. Risks related to AI & big data

5. Energy risks

6. Natural resources & biodiversity risks

7. Financial stability risks

8. Social tensions & movements

9. Pandemics & infectious diseases

10. Macro-economic risks

The overriding theme of AXA's survey is polycrisis - a convergence of risks - with the simultaneous emergence of new technologies, particularly AI, global warming, and geopolitical tensions. Consequently, it becomes imperative for organisations of all sizes and types to remain vigilant about the evolving risk landscape and leverage robust disaster preparedness measures to enhance their resilience towards future catastrophic events.

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