Risk managers choose financial volatility as a top current risk 24.1% more often than in November 2024
ARLINGTON, Va. and CHICAGO, July 09, 2025 (GLOBE NEWSWIRE) — The Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA) jointly published findings from their May 2025 Mid-Year Flash Survey of U.S. risk managers. To keep current with the pace of change, this flash survey supplements the 18th Annual Emerging Risks Survey conducted in November 2024. The annual online questionnaire asks risk managers to rank current and emerging risks, and researchers track those rankings over time.
Top current risks shifted between the November 2024 and May 2025 surveys. In May, risk managers chose financial volatility as a current risk 24.1% more often than in November, raising it to the top of the list. Globalization shift was chosen 7.4% more often, lifting this risk to the second spot. Wars (including civil wars) decreased by 11.2%, dropping it off the top five list. Technology risks also dropped significantly, while climate change remained in the top five current risks.
Top Current Risks
| Rank | November 2024 Survey Findings | May 2025 Survey Findings |
| 1 | Wars (including civil wars) | Financial volatility |
| 2 | Financial volatility | Globalization shift |
| 3 | Climate change | Failed and failing states |
| 4 | Failed and failing states | Climate change |
| 5 | Disruptive technologies | Liability regimes and regulatory framework |
Though respondents’ concerns about current risks have changed significantly since November 2024, their views of emerging risks remain relatively stable. However, the mid-year survey did uncover changes in the perceptions of some emerging risks. For example, Wars (including civil wars) declined by 3.9% from the top of the emerging risk list to seventh and financial volatility rose by 4.2% from sixth to second.
Top Emerging Risks
| Rank | November 2024 Survey Findings | May 2025 Survey Findings |
| 1 | War (including civil wars) | Disruptive technology |
| 2 | Climate change (tied with War) | Financial volatility |
| 3 | Disruptive technology | Climate change |
| 4 | Cyber networks | Cyber networks |
| 5 | Demographic shift | Demographic shift |
When asked about the most concerning risk scenarios, respondents listed economic slowdown most often, which is a significant change from previous years. On the other hand, the rate at which inflation was cited as a concern remains very similar to the previous surveys.
“Since 2022, a mid-year flash survey has been done to offer different data points to capture risk managers’ perceptions of quickly changing environments,” said David Schraub, FSA, MAAA, CERA, CFA, and one of the report authors. “Also, a mid-year flash survey can mitigate the possibility of responses being overly influenced by recent events, a phenomenon also known as recency bias.”
Survey Details
Sponsored by the CAS and SOA, the May 2025 flash survey was an online questionnaire and included 150 participants. Respondents’ area of practice included life, property and casualty, and health insurance as well as pensions and risk management. The online questionnaire asked risk managers to rank current and emerging risks. The survey uses four categories to measure risks as perceived by risk managers: top current risk, top five emerging risks, top emerging risk and top emerging risk combinations.
Read the key findings report for more details and graphs.
About the Casualty Actuarial Society
The Casualty Actuarial Society (CAS) is a leading international organization for credentialing, professional education and research. Founded in 1914, the CAS is the world’s only actuarial organization focused exclusively on property-casualty risks and serves over 10,000 members worldwide. CAS members are sought after globally for their insights and ability to apply analytics to solve insurance and risk management problems. Visit www.casact.org.
About the Society of Actuaries
With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 32,000 actuaries as members. Through research and education, the SOA’s mission is to advance actuarial knowledge and enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. Visit www.soa.org.
CONTACT: Contact: Michael Nowak mnowak@soa.org
