Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • October 2019
10

Economic concerns dominate top business risks 

Open-access content Wednesday 2nd October 2019 — updated 5.50pm, Wednesday 29th April 2020

Three of the top five global risks facing businesses over the next decade are economic threats, an annual survey by the World Economic Forum (WEF) has uncovered.

2


After polling nearly 13,000 executives in over 130 countries, the WEF found that fiscal crises are considered the greatest threat to doing business internationally.

Unemployment or underemployment was ranked the third-biggest challenge, while an energy price shock was rated fourth.

The WEF said these risks are linked to social disruption, contributing to failure of national governance and profound social instability, which were ranked fifth and sixth respectively.

Cyber attacks were rated the second-biggest threat for executives, and the most important one for European and North American businesses for a second year in a row.

"Cyber security remains the most concerning risk in advanced economies, and growing technology dependence will amplify this," Marsh president of global risk and digital, John Drzik, said.

"Combined with fractious geopolitical developments, and growing economic concerns, executives face a very challenging portfolio of potential threats."

The survey findings are published in report from the WEF in partnership with Marsh & McLennan Companies and Zurich Insurance Group as part of an ongoing Global Risks Initiative.

They show that environment-related risks are the top concerns for executives in South Asia, East Asia and the Pacific following a series of devastating natural disasters.

Social challenges rank high in Eurasia amid economic slowdown, and in Latin America and the Caribbean where governments are still aiming to deliver critical social services.

An energy price shock is ranked the top threat in the Middle East and North Africa, while an inability to create jobs is the biggest concern in sub-Saharan Africa.

"Examining risk at the regional level, we also see various, interconnected drivers shaping diverse risks landscapes," said Emilio Granados-Franco, WEF head of global risks and geopolitical agenda.

"Only by addressing economic risks and societal, technological, and environmental risks in an integrated manner, can stakeholders truly build resiliency."


Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession

This article appeared in our October 2019 issue of The Actuary.
Click here to view this issue
Filed in
10

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

New Fast-Growing Team - Actuarial Systems Development

London (Greater)
Excellent Salary Package
Reference
143762

Actuarial Pension Consultant – Scotland/Remote – Up to £90,000 plus bonus

Edinburgh / Glasgow / Remote working
Up to £90,000 + Bonus
Reference
143761

Part Qualified Pensions Actuary– Specialised Pensions Consultancy - Scotland/Remote - Up to £70,000

Edinburgh / Glasgow / Remote working
Up to £70,000 + Bonus
Reference
143760
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ