We need to talk about global risk — yes, even in insurance

By Michael F. Rellosa

I know the subject of this paper might seem a bit outside the typical insurance practitioner's comfort zone. But as risk managers, we can't afford to look away. These are real threats — ones we need to acknowledge and act on.

Sure, we've got more than enough on our plate already. Midterm elections are just days away (please, vote wisely — for your kids, for the future). We're watching tensions rise over places like the West Philippine Sea and Taiwan. The back-and-forth of global tariffs is straining trade and disrupting supply chains. The list feels endless.

But zoom out for a second. There are global issues — far bigger than our immediate concerns — that also demand our attention. Because ignoring them won't make them go away.

The Bulletin of Atomic Scientists recently warned that with globalization and rapid tech advances, we're now facing several existential threats. Four of them are converging in alarming ways: climate change, nuclear risk, biosecurity and technological governance.

Each is dangerous on its own. Together, they're forming a tangled web of risks that could reshape — or even end — life as we know it.

1. Climate security

Climate change isn't just an environmental issue — it's a security issue. We've seen the science. We know what needs to be done. But political games and corporate interests keep pulling the agenda off course. Climate strategies are being watered down, discredited or simply ignored.

And it's not just about hotter days or stronger storms. Climate change can trigger food shortages, displace entire communities and spark conflict. Yet public support for climate research is being chipped away. Disinformation spreads. Urgency fades. And with it, our ability to respond effectively.

2. Nuclear risks

We've long relied on treaties like the NPT to keep nuclear tensions in check. But those agreements are fraying. As geopolitical tensions rise, the world's nuclear powers are entering a new arms race — stockpiling, modernizing and posturing instead of cooperating.

Even more troubling, political instability and anti-democratic movements are increasing the chances of poor decisions in moments of crisis. One misstep, one miscalculation, could trigger something catastrophic.

3. Biosecurity vulnerabilities

The pandemic was a wake-up call — but have we really learned our lesson?

Public trust in science and institutions like the World Health Organization has taken a hit. That's dangerous. Vaccine skepticism and misinformation don't just harm individuals — they weaken our collective defense against future biological threats.

And it's not just about viruses. Antibiotic resistance is rising. Bioweapons are a growing concern. Our world is more connected than ever, meaning any outbreak — natural or man-made — can spread fast. Without global cooperation and science-based planning, we're not ready.

4. Technological governance

Artificial intelligence, biotechnology, cybersecurity — all of this hold promise. But they also come with serious risks, especially when they're developed and deployed without transparency or accountability.

We're talking about autonomous weapons, surveillance tech, gene editing. These aren't just science fiction headlines. They're real tools being built and used, often without meaningful public input. The ethical stakes are massive, and the impacts hit hardest on those with the least power.

So, where do we go from here?

These four threats aren't separate problems. They feed into each other. Climate disasters can destabilize regions, increasing the chance of conflict. Conflict can raise nuclear tensions. Pandemics can weaken societies, giving bad actors room to maneuver. It's all connected.

That's why we need a global, coordinated response — one rooted in science, diplomacy and public trust. It means supporting democratic values. Investing in education and research. Strengthening institutions and working across borders.

We need leaders who think long term and citizens who hold them accountable. Because the risks are real, and the clock is ticking.

Let's not wait for another disaster to remind us what's at stake. Let's act now — together and vote for the right leaders!

To everyone reading this: I hope you're listening. The future depends on it.

Source: manilatimes.net