The world faces a vast array of global economic and political
challenges. The financial crisis and euro zone sovereign debt
problems, as well as the political paralysis over the US debt
ceiling, suggest we are on the verge of a seismic change in the
nature of the global economy and international relations.
Similarly, continuing increases in population size and life
expectancy, and changes in patterns of migration throw up their own
vast array of political headaches and economic trade-offs which
need careful management and strong collaborative leadership. Each
presents their own set of opportunities and threats, some of which
are familiar and some of which are not.
Crucially, the insurance and financial services industry must be
one step ahead in order to provide comprehensive insight into the
changing nature of these challenges, and to recommend credible
courses of action in the face of them. With this in mind and to
coincide with our centenary year, over the course of 2012 we are
publishing a series of reports which reflect on the great
challenges of the past and explore what the future might hold.
In early February we published the first in the centenary series
- Future Risk: Learning from History. It
set the scene for the CII Future Risk series by reflecting on some
of the most dynamic trends of the past and their potential
implications as well as discussing some initial findings from a
global survey into the risk perceptions of members of the public
from across the globe.
A central point made by the report was that in such a rapidly
changing international environment, it is vitally important to
question underlying assumptions about the world around us and
re-evaluate prevailing wisdom. We qualified this statement by
noting that whilst a healthy level of scepticism about prevailing
wisdom and future forecasting is a good thing, it should not
prevent us from developing some scenarios on the long-term to help
us prepare for some of the opportunities and risks that lie ahead.
Rather, it should ensure that we do not become overly confident and
dependent upon any single story. In this context, the second in our
series of reports looks at some possible socioeconomic futures and
their implications for the insurance sector and society as a whole.
Crucially it also seeks to identify what role the industry can play
in delivering a more prosperous world. Our next report in the
series will look at future environmental risks.
the full report »
See all the Future risk reports »