’We renew our call on the government to mirror Labour’s recent announcement,’ says chief executive

Axa UK has welcomed Labour’s pledge to create a minister for resilience if elected – and has urged the current government to mirror this commitment

In a statement released yesterday (30 October 2023), Axa said it had been calling on the government to better prepare for risks by appointing such a minister as well as creating a dedicated taskforce.

The insurer said a taskforce should work in partnership with insurers and other experts to improve public confidence in the government’s response to future risks.

It noted that big areas of concern were artificial intelligence (AI), big data and cybersecurity.

Axa’s Future Risks Report, which was published yesterday (30 October 2023), showed that risks associated with AI and big data were ranked as the fourth highest concern, its highest position ever recorded.

Over half of experts (52%) said they felt vulnerable to such risk in their daily lives, compared to 44% last year, and a total of 55% said this risk was emerging rapidly – up from 46% last year.

“With the rapid evolution of disruptive technologies and the digitisation of our daily lives, it’s perhaps no surprise that people are increasingly concerned about risks related to AI and cybersecurity,” Axa UK chief executive Tara Foley said.

”It’s also worrying to see so many people feeling more vulnerable and a continuing lack of confidence in the authorities to manage these types of future risks.

“We renew our call on the government to mirror Labour’s recent announcement and create a taskforce to focus on these issues.”

Next steps

To help mitigate such risks, Prime Minister Rishi Sunak announced last week (26 October 2023), that the UK would create an AI safety institute and propose a global expert panel on AI at the AI Global Summit in November.

Axa said insurers also play an important role by providing innovative risk management tools and helping consumers and businesses to assess and plan for risks they face now and in the future.

As a result, Axa’s report showed a total of 93% of experts and 74% of the general population felt the role of insurers in limiting the impact of future risks was important or very important – compared to 89% and 69% last year.

“The report confirms that people do recognise the important safety net that insurance provides and demonstrates the essential role the sector plays in providing risk management advice and solutions,” Foley said.

”This gives the industry a great foundation to build on in coordination with other organisations to help mitigate these risks and provide reassurance to those who are concerned about an uncertain future.”