The latest edition of the Future Risks Report by AXA and Ipsos highlights a marked increase in public perceptions of fragmentation and vulnerability to global risks.
The findings show that 93% of respondents worldwide now believe the number of crises is rising, a three percentage point increase from 2024. The report also notes that 59% of citizens view their country as fragmented, with the figure reaching 77% in France and 65% in the United States.
The report identifies a divergence between expert opinion and government action. While 77% of experts advocate for global solutions to emerging risks, governments tend to favor individual, risk-specific responses. The insurance sector is seen as a critical player in this environment.
According to the report, 89% of experts and 72% of the general population believe the industry will play a decisive role in managing new risks, compared with 61% who place similar trust in national authorities. Trust in insurers to mitigate the impact of new crises has also increased by three percentage points since 2021.
Thomas Buberl (pictured above), chief executive officer of AXA, commented on the results, noting that fragmentation is not inevitable and that insurers have a responsibility to act as architects of resilience. He emphasised the need for expertise, innovation, and solidarity in addressing interconnected risks such as climate change, cybersecurity, geopolitical instability, and artificial intelligence.
“Fragmentation is not a fatality; it reflects a global landscape where interdependent risks require a response that aligns with the stakes. Insurers have a responsibility: to be architects of resilience, blending expertise, innovation, and solidarity. That is our purpose,” Buberl said.
The report lists the top 10 emerging risks identified by experts for 2025 as climate change, geopolitical instability, cybersecurity, artificial intelligence and big data, social tensions and movements, macroeconomic risks, energy risks, natural resources and biodiversity, financial stability, and demographic changes.
The shifting risk landscape is further supported by recent industry research, which shows that geopolitical volatility and cyber exposures have become central concerns for insurers, brokers, and policyholders. A 2025 Aon survey found that, for the first time, geopolitical volatility entered the top global risks, reflecting growing instability across trade flows, supply chains, and financial performance.
Looking ahead, artificial intelligence and climate change are projected to join the top 10 global risks within three years, according to the same Aon survey. This reflects a growing recognition of technology-driven disruption and environmental volatility as systemic risks with direct implications for underwriting, reinsurance, and long-term risk modeling.
Prevention is highlighted as a key strategy, with 86% of experts and 84% of the general population agreeing that the most concerning risks could be partially avoided through preventive measures. The report suggests that the sector’s focus on prevention and risk management is gaining traction among both experts and the public.
Despite the challenging environment, the survey indicates that social cohesion remains important to many. Seventy-two per cent (72%) of respondents reject the idea of sacrificing democracy for greater efficiency, and 69% support unrestricted freedom of expression.
Brice Teinturier, deputy CEO of Ipsos (France), noted, “A fragmented society is a society that loses its capacity for collective action. When 59% of citizens perceive their country as divided, the trust necessary to face the risks of the future together through common prevention or adaptation projects erodes.”
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