Sonar 2024 Emerging Risk Insights

Foreword

Today, it can seem that every day delivers a new disaster or crisis, and more human suffering. The shadow of the pandemic still looms, health-wise and economically, and geopolitical tensions are at their peak, with new wars and frontiers drawn. Global society is becoming increasingly fragmented just when international collaboration is critical to face off the existential challenge of climate change.

We live in an age of poly-crisis, in an environment characterised by record-breaking temperatures, extreme weather events, war, terrorism and social discontent, not least due to increases in the cost-of-living. One crisis nourishes others, a chain reaction of greater uncertainty, risk accumulation and loss potential, both of human lives and of economic/financial value.

It is in times of adversity that the utility of the re/insurance industry as a stabilising force comes to the fore. Our proposition and capability is to provide a bridge when disaster hits, and to facilitate financial security and recovery. The question for re/insurers is not whether to worry about the state of the world, but how insurance solutions can help alleviate negative outcomes. In other words, how can we make the world more resilient?

Foresight helps inform preparedness, for us and our clients. Each year, Swiss Re SONAR presents insights into emerging risks, based on discussion with in-house experts, scientists, clients and industry peers. SONAR is about risks of the future, a vehicle to foster better understanding of those new or changing risks, their interactions and dependencies. SONAR does not claim the closing word on emerging risks. The aim is to stimulate engagement among all relevant stakeholders, including re/insurers, to help best prepare society for tomorrow's risks.

Welcome to SONAR 2024.