By John Cooper ,
Global Chief Client Officer, Energy & Power, Marsh Specialty
The Global Risks Report 2022, published by the World Economic Forum in collaboration with Marsh McLennan, examines how global divergence across multiple domains in the post-COVID-19 recovery threatens to widen disparities and aggravate societal fractures. Drawing on insights from over 950 experts and decision-makers worldwide, the 17th edition of the report unpacks some of the critical global tensions that may worsen the pandemic’s cascading impacts and complicate the coordination needed to tackle common challenges. Long-term climate risks dominate global concerns, and as the world enters the third year of the pandemic, the top shorter-term global concerns include societal divides, livelihood crises and mental health deterioration. Additionally, most experts believe a global economic recovery will be volatile and uneven over the next three years, reinforcing the need for leaders to think outside the quarterly reporting cycle and create policies that manage risks and shape the agenda for the coming years. The report explores four areas of emerging risk: cybersecurity; competition in space; a disorderly climate transition; and migration pressures, each requiring global coordination for successful management. It concludes with reflections on enhancing national and organizational resilience, informed by lessons from year two of the pandemic.
The Global Maritime Issues Monitor 2021 issued by Marsh in partnership with the Global Maritime Forum and the International Union of Marine Insurance (IUMI) tracks attitudes regarding critical issues facing the maritime industry. Key industry stakeholders comment on the concerns they believe are most likely to arise in the coming decade, which could have a high impact, and how well prepared the maritime industry is to meet the challenges. Environmental issues (decarbonization of shipping, regulation, and the failure of climate change mitigation and adaptation) scored high for perceived impact and likelihood, and worryingly low on preparedness. Survey respondents in 2020 viewed pandemic as the risk for which the industry was least prepared; however, in 2021 it ranks as an issue for which the industry is most prepared, reflecting many months of intense focus. Cyberattacks and data theft rank second in the survey for lack of preparedness, and third for likelihood, underscoring the industry’s concern.