AXA reports climate change as top risk concern in UK

Written by Michael Griffiths

29/09/2021

Climate change is the top concern for both risk experts and the UK public, a new report from AXA has stated.

The research comes at a time when AXA has joined the UN Race to Zero campaign, committing to achieve net zero carbon emissions by 2050.

From a possible 25 risks that could impact the world within the next decade, more than two thirds (64%) of UK risk experts and almost six in 10 (59%) of the UK population ranked climate change as their highest risk.

The findings, which were based on responses from 3,448 experts, were in line with European risk experts who also ranked climate change as the top risk, with more than half (53%) of the overall European population and 62% of experts ranking it accordingly.

When it comes to who is best placed to deal with risks like climate change, AXA’s study showed that on a global level, people believe governments are underprepared to tackle the challenge, with just one in five (19%) of experts saying that public authorities can help mitigate the climate crisis and only a third (32%) of the UK public agreeing that governments are well prepared.

However, the report also revealed that 57% of the UK’s general population think globalisation has a positive impact on risk, since it unites countries to fight against risk more effectively. The UK ranks highest in terms of feeling positive about the impact of globalisation compared to the rest of Europe, with only the Swiss also feeling more positive than negative.

“At a time when life has been dominated by other important issues, such as the COVID-19 pandemic and economic instability, it is perhaps surprising that climate change would top the list,” commented AXA UK CEO, Claudio Gienal.

“However, this clearly demonstrates that for many people climate change is a very real risk which is fast approaching, if not already upon us. There is no doubt that climate change is one of the most serious and damaging risks we as a global population face, so it’s encouraging that this has been acknowledged as the number one risk in the UK.”

In recognition of the report’s findings, AXA has joined the United Nations-backed Race to Zero campaign and committed to reach net zero carbon emissions by 2050.

“We have a real opportunity here for everyone – governments, the private sector and individuals – to come together and work more closely to help mitigate the risks we face now and in the future,” Gienal added.

“That’s why it’s great to see the insurance industry stepping up with the launch of the Net-Zero Insurance Alliance, and we’re delighted to join the UN-backed Race to Zero campaign. Insurers have an essential role to play and AXA stands ready to play our part.”

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