As can be anticipated, the continued fallout from COVID-19 and climate change are top of mind for global business leaders.

However, digital dependency and private space enterprises are also among risks keeping commercial insureds awake, according to the Global Risk Report produced by the World Economic Forum.

In the U.S., the report found the top five short-term risks in the business community are:

  1. The potential for asset bubble bursts.
  2. Failure of climate change mitigation
  3. Extreme weather events.
  4. Debt crisis.
  5. Employment and livelihood crises.

"There is broad agreement among the survey respondents that the growing climate crisis remains the biggest long-term threat facing the world," Colleen Zitt, chief risk officer for Zurich North America, said in a release. "Leading economists warn that international failure to act on climate change could significantly shrink global GDP in the years ahead, with serious collateral impacts on the economy and social cohesion among other effects. If there is one overriding message of this year's Global Risks Report, it is that the time for committed, substantive action on climate is now."

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

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