Page 20 - Turkinsurance Digital Magazine

20 cover story

human-led environmental damage; as well as digital power con-
centration, digital inequality, and cybersecurity failure. Among
the highest impact risks of the next decade, infectious diseases
are in the top spot, followed by climate action failure and other
environmental risks. Besides this, there are also weapons of mass
destruction, livelihood crisis, debt crisis, and IT infrastructure
breakdown.
Unemployment and livelihood crisis will be critical threats
When it comes to the time horizon within which these risks will
become a critical threat to the world, the most imminent threats
– those that are most likely in the next two years – include em-
ployment and livelihood crises, widespread youth disillusionment,
digital inequality, economic stagnation, human-made environ-
mental damage, erosion of societal cohesion, and terrorist at-
tacks.

Economic risks feature prominently in the 3-5 year timeframe,
including asset bubbles, price instability, commodity shocks, and
debt crises. This is followed by geopolitical risks, including in-
terstate relations and conflict. In the 5-10 year horizon, envi-
ronmental risks such as biodiversity loss, natural resource crises,
The crisis in weather conditions to increase within 10 years and climate action failure dominate; alongside weapons of mass
destruction, adverse effects of technology, and collapse of states
According to the given information, in the Global Risks Report or multilateral institutions.
published this year by World Economic Forum, risks caused by
Covid-19 pandemics are evaluated along with the other risks ob- Economic fragility and societal divisions are set to increase
tained from the results of the Global Risks Perception Survey.
The report also includes proposals for enhancing resilience, According to the report, underlying disparities in healthcare, ed-
drawing from the lessons of the pandemic as well as historical ucation, financial stability, and technology have led the crisis to
risk analysis. disproportionately impact certain groups and countries. Not only
has COVID-19 caused more than two million deaths at the time
In the report in which risks related to extreme weather, digital of writing, but the economic and long-term health impacts will
inequality and cybersecurity attract attention, the possible op- continue to have devastating consequences.
pression of healthcare, economic and technological inequalities
on social stability, and rising generation are highlighted. The im- The pandemic’s economic shockwave will immediately increase
portance of global cooperation is also emphasized for the inevi- inequality, but so can an uneven recovery. Working hours equiv-
table results of climate change. alent to 495 million jobs were lost in the second quarter of 2020
alone. Only 28 economies are expected to have grown in 2020.
While the latest results of the Global Risk Perception Survey
are published in Global Risks Report 2021, it also includes the Nearly 60% of respondents to the GRPS identified “infectious
results of the latest Global Risks Perception Survey (GRPS), fol- diseases” and “livelihood crises” as the top short-term threats
lowed by an analysis of growing social, economic, and industrial to the world.
divisions, their interconnections, and their implications on our
ability to resolve major global risks requiring societal cohesion While the economies are getting rid of the shock and warning of
and global cooperation. The report includes proposals for en- the pandemics, companies face a shock. The slowdown in devel-
hancing resilience, drawing from the lessons of the pandemic as oped economies, the potential loss in the developed and develop-
well as historical risk analysis. ing markets, collapse of the small-scale companies, the increased
gap between the large- and small-scale companies, decreased
According to the report, among the highest likelihood risks of the market dynamism, and increased inequality makes it difficult to
next ten years are extreme weather, climate action failure, and achieve sustainable development targets.