AXA UK plc

10/14/2024 | Press release | Distributed by Public on 10/14/2024 03:36

The AXA Future Risks Report 2024: Concern over geopolitical instability rises while climate change remains top risk

  • Heightened concern about geopolitical risk indicates potential ripple effects to security, financial and energy markets and cyber infrastructure
  • Climate change remains the top risk for both experts and the general public in all international regions surveyed
  • Only 15% of UK experts have confidence in the Government to mitigate geopolitical instability, while only 5% believe it is prepared for climate change risks

The AXA Future Risks Report, published today, explores the perceptions and concerns of both experts and the general public amid a rapidly evolving risk landscape in the UK and globally.

This year's report, AXA's 11th edition of the annual survey, reveals that 77% of experts and 55% of the general public in the UK believe that risks are becoming increasingly interconnected. Geopolitical tensions caused by the situation in the Middle East and the war between Russia and Ukraine have led to a rise in concern about the likelihood of future conflict and the potential ripple effect across security, financial and energy markets and cyber infrastructure.

However, only 15% of experts in the UK have confidence in the Government's ability to mitigate and address geopolitical instability, highlighting a lack of faith in the Government's readiness to address evolving threats.

Climate change remains the most prominent concern for both UK experts and the general public, highlighting the urgent need to address its impacts and build resilience. As with geopolitical instability, confidence in the Government's ability to manage and mitigate its effects is low and has dropped significantly from last year, with only 5% of experts responding positively compared to 22% in 2023.

Cyber security remains in the top three major risks, with 59% of experts and 68% of the public saying they feel vulnerable to this risk in their daily lives. However, only 12% of experts believe public authorities are prepared to address cyber risks.

This year the report also highlights the threat of misinformation, revealing that 58% of experts and 48% of the public are sceptical about people's ability to accurately distinguish true information from false on social media platforms. Additionally, the majority in both groups agree that individuals should be held accountable for propagating fake news.

More positively, when asked about limiting future risks, 72% of UK experts and 40% of the public said they trusted the insurance industry's ability to mitigate the consequences of future world crises, signalling an opportunity for insurance companies to demonstrate their commitment to building greater societal resilience. Additionally, 72% of experts and 66% of the public believe the most serious risks can be avoided with an adequate level of prevention and preparedness.

As we navigate an evolving and complex risk landscape, the role of the insurance industry becomes even more important in ensuring a secure future for society.

AXA is committed to leveraging our expertise and solutions to address the challenges ahead. We are working alongside our stakeholders to build a resilient framework that safeguards the prosperity and security of our customers and partners.

Tara Foley, CEO at AXA UK & Ireland

AXA UK Future Risks Report 2024 - stats in brief

In total 3012 experts and 19003 people were interviewed across 50 countries for the report. 222 experts and 1000 general population members were from the UK.

UK experts top 10 future risks

  1. Climate change
  2. Geopolitical instability
  3. Cyber security risks
  4. Risks related to AI and big data
  5. Social tensions and movements
  6. Natural resources and biodiversity risks
  7. Energy risks
  8. New security threats and terrorism
  9. Pandemics and infectious diseases
  10. Financial stability risks

UK general population top 10 future risks

  1. Climate change
  2. New security threats and terrorism
  3. Cyber security risks
  4. Social tensions and movements
  5. Pandemics and infectious diseases
  6. Geopolitical instability
  7. Financial stability risks
  8. Pollution
  9. Energy risks
  10. Risks related to AI and big data

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Legal notes

About AXA UK

AXA Insurance UK plc registered in England and Wales under registered number 078950 and authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority under Financial Conduct Authority registration number 202312. Registered office is 20 Gracechurch Street, London, EC3V 0BG.

AXA UK is part of the AXA Group, a worldwide leader in insurance and asset management, with 147,000 employees serving 94 million clients in 50 countries. In 2023, IFRS revenues amounted to Euro 102.7 billion and underlying earnings to Euro 7.6 billion. AXA had Euro 844 billion in assets under management as of December 31, 2023.

In the UK & Ireland, AXA operates through a number of business units including: AXA Insurance, AXA Health and AXA Ireland. AXA UK & Ireland employs around 10,000 staff.

Important legal information and cautionary statements concering forward-looking statements

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA's actual results to differ materially from those expressed or implied in such forward looking statements. Please refer to Part 5: "Risk Factors and Risk Management" of AXA's Universal Registration Document 2022, for a description of certain important factors, risks and uncertainties that may affect AXA's business and / or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.