While pandemic and infectious diseases rank as the top current risks, climate risk was identified most often as the top emerging risk, followed by cyber/network risks, according to the 15th Annual Survey of Emerging Risks sponsored by the Canadian Institute of Actuaries, the Casualty Actuarial Society and the Society of Actuaries.
The top five emerging risks also include pandemic/infectious disease, disruptive technology and financial volatility.
The risks ranked top current risks by survey respondents included climate change, financial volatility, cyber/networks and asset price collapse.
Climate risk continues to rise in the number of risk managers selecting it as the top emerging risk in the annual survey, the report said, while financial volatility also is being mentioned more frequently.
The survey also found risk managers at insurance companies indicating they are feeling the impact of the ‘great resignation’.
Asked about the impact of the trend of large numbers of workers leaving their jobs, 54% of insurance company risk managers surveyed said they have experienced the loss of some staff, 22% reported the loss of important staff or an impactful number of staff, 41% have seen an impact on the ability to hire staff, and 41% said they have seen an impact on the ability to hire experienced staff.
The anonymous online survey was completed in November 2021 and included 153 participants. It was primarily North America-based but included additional risk manager responses from Europe, Asia, South America, Africa and the Middle East. M