Zurich Highlights Rising Climate and AI Risks in G20 Business Survey by WEF

Zurich Highlights Rising Climate and AI Risks in G20 Business Survey by WEF

(IN BRIEF) Zurich Insurance Group, a strategic partner of the World Economic Forum, has contributed to the Executive Opinion Survey, which highlights top risks for G20 business leaders. Economic challenges such as downturns, labor shortages, and inflation remain dominant concerns, while extreme weather events entered the top five for the first time after a year of severe climate impacts. Technological risks, particularly AI-driven misinformation, are also rising, with six countries identifying them among their top concerns. Zurich emphasizes the need for proactive strategies to address climate and technological risks, urging businesses to build resilience and adapt to an increasingly complex global landscape.

(PRESS RELEASE) ZURICH, 5-Dec-2024 — /EuropaWire/ — The World Economic Forum (WEF), in collaboration with strategic partners Zurich Insurance Group and Marsh McLennan, has released the findings of its annual Executive Opinion Survey, highlighting the pressing risks facing business leaders across G20 countries. Based on responses from over 11,000 business leaders in 121 countries, the survey provides a snapshot of the challenges shaping the global business landscape over the next two years.

Top Risks Identified

Economic challenges continue to dominate G20 business leaders’ concerns, with economic downturn, labor shortages, and inflation taking the top three spots in the survey. Poverty and inequality followed, ranking fourth on the list of near-term threats. For the first time, extreme weather events have entered the top five, underscoring the growing urgency of climate-related risks in the aftermath of a year marked by record-breaking temperatures, severe floods, and wildfires. Countries such as Brazil, Germany, Indonesia, and the U.S. have faced significant climate impacts, reinforcing the need for immediate action to mitigate these risks.

Rising Technological Risks

The rapid pace of technological advancement is creating both opportunities and challenges for businesses. Risks tied to emerging technologies, particularly artificial intelligence (AI), are becoming increasingly prominent. Concerns over AI-driven misinformation and disinformation appeared in six country-specific top-five risk rankings, up from three mentions in 2023. AI risks were notably ranked as the most pressing concern in Indonesia, the third in the U.S., and the fourth in the UK.

Climate and Technology in Focus

Peter Giger, Group Chief Risk Officer at Zurich Insurance Group, emphasized the need for businesses to broaden their risk management strategies, stating:
“With 2024 on track to be the warmest year in history, climate change’s escalating impacts demand immediate attention. While emerging technologies can offer solutions, they also introduce new risks. By proactively addressing these challenges, businesses can enhance resilience and achieve sustainable growth.”

Carolina Klint, Chief Commercial Officer for Europe at Marsh McLennan, highlighted the dual pressures of economic uncertainty and evolving risks, adding:
“Although some economic trends show improvement, G20 business leaders remain deeply concerned about recession threats, inflation, and protectionism. Combined with extreme weather and technological risks, these challenges demand vigilance and adaptability to thrive in a complex environment.”

Building Resilience

The report stresses the importance of proactive risk identification and mitigation as businesses navigate an increasingly uncertain global landscape. By addressing a diverse range of risks—economic, climate, and technological—organizations can safeguard their operations while positioning themselves for future success.

About the Executive Opinion Survey

The Executive Opinion Survey is conducted by the WEF’s Centre for the New Economy and Society, with Zurich Insurance Group and Marsh McLennan serving as strategic partners. The survey provides insights into the evolving priorities of business leaders globally, offering a strategic guide to tackling emerging risks.

The full results of the survey can be accessed on the WEF website.

Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.

Reflecting its purpose to ‘create a brighter future together,’ Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.

The Group has about 60,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.

Marsh McLennan (NYSE: MMC) is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of $23 billion and more than 85,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit marshmclennan.com, or follow on LinkedIn and X.

Media Contact:

Eileen Mercer
+44 (0)7990 802 830
eileen.mercer@mmc.com

SOURCE: Zurich Insurance Group