- Climate change becomes the number one risk in all geographical areas
- Geopolitical risks come second, overtaking cyber and pandemic
- Sense of vulnerability to certain risks increases and confidence wanes
For the first time, climate risk tops the list of experts' concerns in all regions of the world and becomes the main concern of the general public in the United States. Last year, US experts ranked cyber risk first and Asian experts ranked pandemic risk second.
Geopolitical risks come in second place, overtaking cyber and pandemic. 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 with regard to 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, in particular, 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 superimposed 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 mobilisation 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. At AXA, we are determined to play our part to the full », said Thomas Buberl, CEO of AXA.