Climate change has returned to the top ranking in an annual Axa survey of global risks, after it was last year knocked into second place by the pandemic.

European respondents, both experts and the general public, place the strongest focus on climate change as the top priority, while results show that in general the younger the respondent the more likely they are to rank environmental risks higher.

Cybersecurity risk rose one place to second this year, with pandemics and infectious diseases slipping to third.

Axa CEO Thomas Buberl says pandemic lockdowns have led to “massive use of digital solutions” and increased cyber risk concerns.

“We have seen an explosion in the number of cyber-attacks, sometimes with serious consequences for companies and administrations,” he says. “This risk is here to stay, so prevention and innovation will be key to building collective resilience.”

The Axa Future Risks survey asks respondents to rank their top five risks, based on their potential impact on society over the next five to 10 years. This year it surveyed 3500 risk experts from 60 countries and partnered with Ipsos to survey 20,000 individuals from 15 countries.

Mr Buberl says the pandemic has had a lasting impact on the perception of health and medicine risks.

“More than 70% of respondents said they are concerned about their vulnerability to health threats, such as exposure to toxic substances or chronic diseases,” he says.

Other risks in the top ten are geopolitical instability, social discontent and local conflicts, natural resources and biodiversity risks, new security threats and terrorism, financial stability risks, macro-economic risks and risks related to artificial intelligence and big data.