Joint Risk Management Section Releases Report of 13th Annual Survey of Emerging Risks
CLIMATE CHANGE TOPS EMERGING RISKS IN 2019 SURVEY
The Annual Survey of Emerging Risks, sponsored by the CAS/SOA/CIA Joint Risk Management Section (JRMS), a collaboration of the Casualty Actuarial Society (CAS), Society of Actuaries (SOA), and Canadian Institute of Actuaries (CIA), attempts to track the thoughts of risk managers about emerging risks across time. In this 13th survey, conducted in November 2019 by Max Rudolph of Rudolph Financial Consulting, LLC, trends are as important as absolute responses, helping risk managers contemplate individual risks, combinations of risks and unintended consequences of actions and inactions. The survey responses, especially the comments, give risk managers a way to anonymously network with peers and share innovative ways they think about risk. Each completed survey helps those who participate think more deeply about the topic, and it is anticipated that the reader will benefit in this way as well.
In this report, the Executive Summary contains a high-level overview of the survey and the Results section provides commentary about the survey in its entirety. Appendix I includes definitions for all 23 individual risks. Complete survey results can be found in Appendix II, allowing the reader to scan specific sections or questions, and they include every comment received for the open-ended questions. Everyone has a different level of expertise and experience, and reading the comments will allow the reader to reach their own conclusions and pick out ideas that are useful to them. Appendix III provides a link for those interested in reviewing previous surveys in the series.
As this survey was conducted before the worldwide COVID-19 pandemic, the Top Emerging Risks were:
- Climate Change
- Disruptive Technology
- Demographic Shifts
- Financial Volatility
The complete report is available at no charge.