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2020 and beyond: A risky outlook?

The new decade has begun and more than ever the world feels very uncertain. When looking at society through a long-term lens, it’s fair to say that most of us in the United Kingdom today have lived through relatively benign times. Of course, ‘events’ have always happened, but the current period feels more uncertain than ever.

Brexit will undoubtedly put some strain on our relationship with the EU and at this juncture we do not know if we will enter a brave new world of international trade or if we will be hampered by our own actions. The political landscape is also complicated. Only the third US president in history to face impeachment and the middle east remains hopelessly fractured. The Gillet Jaunes in France continue to cause regular paralysis, although you wouldn’t know this from the British media, and Hong Kong is on a knife edge. Speaking of Hong Kong, the recent Coronavirus outbreak seems potentially serious and the world may be due another pandemic and let’s not forget the climate crisis!

Of course, the development of 5G networks looks set to continue at pace and the predictions are that this will revolutionise the way we live and work. This of course may have potential consequences for personal, business and national security and employment as AI, robots and autonomous vehicles start to become reality; several corporations are already at advanced stages of testing new technologies. Whether or not this will result in some dystopian future or luxury automated communism (don’t ask) is open for debate.

The hysteria surrounding all these issues is fuelled by the speed of social media and the 24-hour news channels, but we are facing a number of real uncertainties.

It’s at moments like this it is worthwhile reflecting on your business risks and the strategies you have in place to deal with the major issues. It’s our view that good risk management should be in your thinking together with a sensible, practical, cost effective insurance programme with partners who understand your business. At ProAktive we are proud to understand our clients’ needs and we will continue to deliver solutions whatever the outlook.

By Andy Morley – Group Managing Director

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