The AXA Future Risks Report 2024

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.

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