The Future Risks Report: A Comedy of Vulnerability
In the eleventh Future Risks Report, carried out by Ipsos on behalf of the insurer AXA, we discover that people are feeling just a tad vulnerable these days. Who needs a horror movie when you can just refresh your news feed, right? It’s like watching a game show where the prize is survival—who’s in, and who’s… well, out?
The Future Risks Report is like a digital crystal ball that peeks into the minds of more than 23,000 respondents across 50 countries. Isn’t that a fun party? “Hey everyone, let’s talk about how scared we are!” We’ve got 3,000 experts and 19,000 civilians—do the numbers sound familiar? Yes, it’s more participants than my last dating app!
This year, there’s been a dramatic surge in the feeling of vulnerability concerning not just one, but a bouquet of risks—22 to be exact! According to Ipsos, climate change has topped the list for the third year running, snatching the crown like a relentless champion. But hold the phone! We’ve also got a fresh contender in the ring: disinformation or, as I like to call it, “the crafty little gremlin of the internet.”
Last year’s survey introduced us to the term “polycrisis,” which sounds like a fancy drink you’d order at a trendy bar, but no—it’s a pressure cooker of multiple, intertwined crises. Not the kind you’d want to see in a multi-story building! This year, the report sarcastically remarks, “never has the feeling of vulnerability been so strong,” which is a nice way of saying, “Brace yourself; the world feels like a giant game of Jenga, and we’re all one block away from a disaster!”
Top 10 risks according to experts:
1: Climate change
2: Geopolitical instability
3: Cybersecurity risks
4: Artificial intelligence and big data
5: Social tensions and movements
6: Biodiversity and natural resources
7: Energy risks
8: New security threats and terrorism
9: Pandemics and infectious diseases
10: Financial instability
On the citizen front, things get a bit interesting. Because who doesn’t love a good plot twist? Citizens have different fears, with new security threats and terrorism coming in hot at number two. Fear of social unrest is also up there, proving once again that people just can’t resist the primal urge to protest—talk about social dynamics! And pollution? Well, that’s the stinky cherry on top of the cupcake—at least it’s in the mix somewhere! It’s like experts are trying to impress Tinder dates with their risk knowledge while citizens just want to breathe clean air.
Top 10 risks according to citizens:
1: Climate change
2: New security threats and terrorism
3: Cybersecurity risks
4: Social tensions and movements
5: Pandemics and infectious diseases
6: Geopolitical instability
7: Financial instability
8: Pollution
9: Energy risks
10: Artificial intelligence and big data
Now, let’s muse on the insurance folks who, it seems, are caught between a rock and a hard place. Insurers are now saying certain risks are becoming “uninsurable,” like a wannabe comedian facing a room full of critics. Riots? No thanks! Sounds like a lawsuit waiting to happen! Some insurers are even considering suing the state for liability. Oh, yes—because we all know the best way to fix a broken trust is to turn it into a legal tug-of-war.
The numbers show that insurers had to fork out more than $100 billion last year in compensation for natural disasters. That’s a staggering amount! It begs the question: are we heading towards a future where insurance is an endangered species? And will certain regions become the new “no-cover zones”? If so, prepare for a new kind of tourism: “Come to our disaster zone! No insurance needed!”
So there you have it, folks—a delightful mix of existential dread, societal turmoil, and the million-dollar question: are we properly insured? It’s a worry that keeps insurers up at night, while many citizens probably just want to live without feeling like they’re one TikTok trend away from chaos. After all, in a world where anxiety runs rampant and insurance companies are flirting with the idea of a ‘risky business,’ we all could use a laugh… or a stiff drink.
In the eleventh Future Risks Report, carried out by Ipsos on behalf of the insurer AXA, it shows an increase in the feeling of vulnerability. Insurers have an important role to play, but they still have to want to.
The Future Risks Report is a study carried out by Ipsos on behalf of the insurer AXA. With more than 23,000 respondents (3,000 experts from 50 countries and 19,000 citizens in 15 countries), it measures levels of fear and feelings of vulnerability to life risks. This year, 22 risks “reach a record level of vulnerability among populations”underlines Ipsos. And for the third time in a row, it is the risks linked to climate change which are considered the most important. There is also a newcomer, or rather a newcomer: disinformation, also known as fake news:
Already in its 2023 edition, the survey highlighted the polycrisis that our societies are experiencing. These multiple, interconnected crises also more directly affect people’s daily lives. However, this year, these crises have further intensified. According to the 11th Future Risks Report, “never has the feeling of vulnerability been so strong”. In 2024, 84% of experts believe the world is more vulnerable to risks than it was previously. 91% of them (compared to 72% of the general public) are also convinced that the insurance sector has an essential role to play in protecting populations from risks. They still have to be up for it.
Top 10 risks according to experts:
1: Climate change
2: Geopolitical instability
3: Cybersecurity risks
4: Artificial intelligence and big data
5: Social tensions and movements
6: Biodiversity and natural resources
7: Energy risks
8: New security threats and terrorism
9: Pandemics and infectious diseases
10: Financial instability
On the citizens’ side, the order is not identical. Thus, the second fear of populations is that of new security threats and terrorism. In fourth position, we find social tensions and movements. Pollution also appears among citizens’ concerns, while it is absent from experts’ rankings. It should be noted, however, that Europeans are over-represented in this study (45% of experts and 37% of the general population).
Top 10 risks according to citizens:
1: Climate change
2: New security threats and terrorism
3: Cybersecurity risks
4: Social tensions and movements
5: Pandemics and infectious diseases
6: Geopolitical instability
7: Financial instability
8: Pollution
9: Energy risks
10: Artificial intelligence and big data
The hierarchy of risks on the experts’ side raises questions about the limits of insurers. Certain risks indeed become uninsurable. A good example is riots and popular movements. For insurers, it is up to the State to ensure the safety of property and people. Some are even considering suing the State for liability to reduce the cost of certain riots.
Insurers have also been required to pay more than $100 billion in compensation for natural disasters in 2023. This raises fears of the risk of a world without insurance, or that certain entire regions of the globe will no longer be covered.