Responding to global risks

A new report based on the World Economic Forum's Global Risk Report 2014 promises a practical guide to risk management and insurance solutions.

Airmic, PwC, Marsh and Zurich, together with the Institute of Directors, have produced a document entitled Responding to Global Risks, which promises a practical guide to risk management and insurance solutions in response to the top global macro financial, societal, economic and environmental risks outlined in the World Economic Forum (WEF) Global Risk 2014 report.

The WEF’s Global Risks 2014 report analyses 31 global risks relevant to the coming decade. The risks are grouped under five classifications – economic, environmental, geopolitical, societal and technological – and measured in terms of their likelihood and potential impact.

The 10 risks of highest concern to respondents are:

1.   Fiscal crises in key economies
2.   Structurally high unemployment/underemployment 
3.   Water crise
4.   Severe income disparity 
5.   Failure of climate change mitigation and adaptation
6.   Greater incidence of extreme weather events 
7.   Global governance failure 
8.   Food crises 
9.   Failure of a major financial mechanism/institution 
10. Profound political and social instability.