Swiss Re’s SONAR report highlights emerging risks and trends
- Published: Tuesday, 09 June 2020 08:24
Swiss Re has published its 2020 SONAR report, which highlights emerging risks facing businesses, communities, and societies. Despite the current pandemic the report says that the most important emerging risks over the next three years are overstretched cyber security and rising intergenerational imbalances.
Other key points highlighted in the report include:
- Intergenerational tensions, supply chain disruptions, and the fragility of public healthcare are among the risks and trends amplified by the COVID-19 pandemic.
- The COVID-19 outbreak shows that societies weren’t sufficiently prepared, and that broad risk awareness is crucial for proper risk management.
- The current crisis shouldn’t overshadow the need for the world to transition to a more sustainable economy and a low-carbon future, and the insurance industry can play a pivotal role in this.
- The report discusses new and changing risks in the context of long-term macro trends and turbulent times; specific topics highlighted include increased cyber risk from so-called edge computing, the boom of e-cigarettes and the lack of long-term experience with new and more sustainable building materials.
- The pandemic experience will continue to prompt shifts in the political landscape, regulatory environment, and in market dynamics. It will also bring about a refocus in priorities, as the world moves toward planning its economic recovery.