World Economic Forum news release: Under-Employed, Under-Inclusive and Under Threat: the World in 2017

Today the World Economic Forum released the Global Risks Report 2017, which has been developed with expert contributions from Zurich and other leading financial and academic institutions. Zurich is collaborating with the World Economic Forum because we strongly believe in its value in identifying and discussing themes that shape the global agenda.

• Trends such as rising income inequality and societal polarization triggered political change in 2016 and could exacerbate global risks in 2017 if urgent action is not taken, according to the Global Risks Report 2017
• Key drivers of risks can be arrested or reversed through building more inclusive societies, for which international cooperation and long-term thinking will be vital
• Climate change ranks alongside income inequality and societal polarization as a top trend for 2017, with all five environmental risks featuring for the first time among the most likely and most impactful risks before the world

“We live in disruptive times where technological progress also creates challenges. Without proper governance and re-skilling of workers, technology will eliminate jobs faster than it creates them. Governments can no longer provide historical levels of social protection and an anti-establishment narrative has gained traction, with new political leaders blaming globalisation for society’s challenges, creating a vicious cycle in which lower economic growth will only amplify inequality. Cooperation is essential to avoid the further deterioration of government finances and the exacerbation of social unrest,” said Cecilia Reyes, Chief Risk Officer of Zurich Insurance Group.

For further information read the full news release published by the World Economic Forum.