While we are focused on coronavirus, reinsurer Swiss Re's Systematic Observations of Notions Associated with Risk (SONAR) has published its annual list of emerging risks. Of the 14 risks, eight are considered short term and six long term.
As listed in Insurance Journal, the short term risks are
- "Edge" computing can improve data exchange but lead to more cybersecurity breaches. This is a high risk.
- Intergenerational imbalance - less income for younger generations, a growing elderly population needing support. Another high risk.
- Pharmaceutical supply chain breaks, exacerbated by offshoring and COVID-19.
- Global standards at risk from nationalism.
- Lithium-ion batteries - needed for mobile devices, but with fire and environmental risks.
- Deepfakes - fabricated content using artificial intelligence.
- Product liability for the Internet of Things - who is accountable?
- "Do-it-yourself" bio-technology - possible new biologic threats.
The long term risks:
- Carbon removal is a growing industry, but new technology may not work as advertised. This is a high risk.
- Vaping and e-cigarettes health risk.
- Green buildings not working as planned.
- Mental health of young people.
- Hydrogen fuel cells.
- Tiny high tech devices.