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SCHAUMBURG, Ill., Jan. 12, 2022 /PRNewswire/ -- Zurich North America has shared key concerns of businesses on risks likely to impact U.S. and Canada over the next two years. The findings were released this week as part of the 17th edition of the World Economic Forum (WEF) annual Global Risks Report 2022 (GRR). Zurich is a strategic partner in the development of the annual report, which identifies key global risks emanating from current economic, societal, environmental and technological tensions.
This year the GRR includes an international roundup, gathered through WEF's Executive Opinion Survey of 12,000 businesses from 124 countries who identified five risks that pose critical threats to their countries over the next two years.
For the United States, the most concerning, short-term risks are reported as: 1) potential for asset bubble bursts; 2) failure of climate-mitigation actions; 3) extreme weather events; 4) debt crises; and 5) employment and livelihood crises. Canada shares most of the same, short-term risks: 1) debt crises in large economies; 2) failure of action on climate; 3) extreme weather events; 4) employment and livelihood crises; and 5) infectious disease.
While prioritization of the five top, short-term risks varies from country to country, climate and environmental factors were a common theme revealed by most of the participating countries and thus dominate the key risks identified in the Global Risks Report overall in terms of likelihood and severity.
"There is broad agreement among the survey respondents that the growing climate crisis remains the biggest long-term threat facing the world," said Colleen Zitt, Chief Risk Officer, Zurich North America. "Leading economists warn that international failure to act on climate change could significantly shrink global GDP in the years ahead, with serious collateral impacts on the economy and social cohesion among other effects. If there is one overriding message of this year's Global Risks Report, it is that the time for committed, substantive action on climate is now."
Now in its 17th edition, the Global Risks Report encourages leaders to view risks with a broad perspective measured in years. This year's edition raises alarm bells for threats that can no longer be eclipsed by COVID-19. A climate crisis and growing social upheaval are two of the dominant risks explored in this year's report, which, like its predecessors, examines risks confronting the world over the next 10 years.
As a leader in understanding the world's emerging and evolving risks, Zurich is committed to helping its customers, and the communities it serves around the world, build a sustainable future with foresight and innovation.
"We are proud to be a strategic partner of the World Economic Forum in the development of The Global Risks Report. Zurich knows that building resilient communities and businesses starts with first understanding the challenges we face," added Zitt.
For additional information on The Global Risks Report 2022 and to download PDFs of the full report and executive summary, visit https://insights.zurichna.com/The-Global-Risks-Report-2022.
Zurich North America is one of the largest providers of insurance solutions and services to businesses and individuals. Our customers represent industries ranging from agriculture to technology and include more than 90 percent of the Fortune 500. We've backed the building of some of the most recognizable structures in North America — from the Hoover Dam to the Confederation Bridge. Our North American, LEED Platinum® headquarters is located in the Chicago area. We employ approximately 9,000 people in North America and have offices throughout the U.S. and Canada. Further information is available at www.zurichna.com.
Zurich North America is part of Zurich Insurance Group, a leading multi-line insurer that serves its customers in global and local markets. With approximately 55,000 employees, Zurich provides a wide range of property and casualty, and life insurance products and services in more than 215 countries and territories. Zurich's customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, 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.
SOURCE Zurich North America