Pandemics and infectious diseases have jumped above climate change and cyber risks to become the number one risk, according to AXA’s 2020 Future Risks Report and survey released on Thursday.
The report is based on a global poll of more than 2,600 experts from the world of risk management and insurance, in addition to about 19,000 members of the general public quizzed.
Conducted in partnership with research institute, IPSOS, and geopolitical analysis consultancy, Eurasia Group, the survey shows that 2020 risk perceptions have clearly been shaped by the Coronavirus Disease crisis.
Pandemics and infectious diseases rose from the eighth place in 2019 to number one in the poll of experts, while it was voted a major risk by 56 per cent of those experts, compared to 23 per cent a year ago.
Just behind on 54 per cent, climate change-related risk comes in second, dropping from the top spot it held for years.
However, climate change remains the number one risk in Europe, but falls to third place in Asia and America.
The drop is particularly marked in North America, where the share of experts who consider climate change risks a major issue has fallen from 71 per cent in 2019 to 46 per cent in 2020.
Cyber security risk ranks third on 51 per cent from second position and 56 per cent in 2019.
The perception of cyber warfare risk has increased markedly and is seen as the main security threat by 47 per cent of the experts, compared to 37 per cent last year.
Geopolitical instability takes fourth place on 38 per cent. Social unrest is fifth, voted a major risk by 33 per cent of experts.
AXA Chief Executive Officer, Thomas Buberl, said, “This seventh edition is of course marked by the exceptional context of COVID-19 pandemic. It highlights health as a major issue, which we consider a positive shift, as we have considered it underestimated for years. However, this must not affect the fight against climate change, which remains the most significant and pressing challenge of our time.
“In line with last year, this year’s edition highlights the growing interconnection of risks, calling for collective and concerted solutions to strengthen the resilience of our economies and societies.”
