New data from the Casualty Actuarial Society (CAS), a leading international organization for credentialing, professional education and research, and the Society of Actuaries shows risk managers are facing a wider range of business concerns. The organizations released the 17th Annual Emerging Risk Survey, which surveys risk managers to rank current and emerging risks. According to the report, disruptive technology, climate change, war and cyber risks were some key emerging risk trends.

The report found that deadly heat waves and other climate events along with continuing conflicts in Ukraine and the Middle East, as well as the advent of ChatGPT, were also playing a significant role in effectively running businesses between 2023 and 2024. The report found that at the end of 2023, climate change was the top emerging risk, however, by May 2024, it ranked fourth among risk managers. Meanwhile, disruptive technology had moved to the top spot. 

According to respondents, the biggest change from the previous emerging risk surveys is the inclusion of disruptive technology. It didn't appear in the top five in 2022, however, by May 2024, it was number one. Generative AI has also climbed the list as risk managers grapple with the rapidly changing technology. 

“Identifying trends helps risk managers anticipate individual risks, analyze threat multipliers and plan for future scenarios,” said report author, Max Rudolph, FSA, CFA, MAAA, CERA. "The survey responses, especially the comments, provide a vehicle for risk managers to share innovative ways to analyse and manage risk."

The report noted that the decade of the 2020s has been risk-dominated and 2023 was no exception, adding that despite the pandemic continuing to wind down, extreme weather, armed conflicts and new technologies all created disruptions to communities and markets. 

Access to clean water has also emerged as a growing concern among risk managers. The report noted that some areas are getting battered with severe storms and cyclones leading to heavy flooding, while other regions are facing drought. 

The organization also conducted a mid-year flash survey in 2024, with political extremes topping the list of risk concerns at 44 percent, followed by data and cyber threats at 40 percent and inflation at 32 percent. Generative artificial intelligence and economic slowdown rounded out the top five.