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It has become a joke to say that these are challenging times for business. Black swans always seem to come in from all directions: pestilence, fire, drought, social unrest, war. Resilience replaced Efficiency Watchword of the day.
Well, no, it wasn’t. A new report released this morning from Onsolve, which analyzed a database of more than 14 million incidents over the past two years, puts some numbers on the change. From 2020 to mid-2022, the company calculates:
- Shooting accidents have increased by 193%
- Traffic-related accidents have increased by 146%.
- Crime rates have increased by 141%
- Fire accidents have increased by 118%
- Infrastructure and technology risks have increased by 111%.
- National security incidents have increased by 48%
- Extreme weather events have increased by 47%
- Civil unrest increased by 9%
The only good news comes in public health (down 39%).
why? OnSolve CEO Mark Herrington visited. Chance Bureaus said last week: “Covid has been the focus for a long time. But now you’re starting to see crime and violence, transportation and logistics, the entire social infrastructure under incredible stress. You will see it in every category. It reflects the macro environment in which we operate, political, social and pandemic. And then of course, there is the climate. Drawing causal relationships between climate change and fire or weather events is tricky business. But obviously, Something It’s going on.
The implications for business are significant. Risk is becoming increasingly complex, which means that not only every CEO, but every CFO, every corporate general counsel, and every board member must broaden their skill sets. These are indeed challenging times.
Separately, in the geopolitical risk category, a report from the US-China Chamber of Commerce yesterday showed that China’s strategy to contain the COVID-19 and the US’s declining outlook for China’s future trade have dropped to a low level of optimism among its members. Chinese connection. You can read the full report here.
More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
Main news
Energy cost
European leaders are considering changes to electricity prices. Currently, prices are based on a mix of all energy sources, so sky-high natural gas prices are driving up the price of energy from renewable sources, e.g. European Commission President Ursula von der Leyen said the proposal for “emergency intervention and structural reform of the electricity market” will come soon. Wall Street Journal
Pakistan custody
The International Monetary Fund is sending $1.1 billion to Karachi to help Pakistan recover from severe flooding and a generally dire economic situation. Prime Minister Shehbaz Sharif first had to introduce potentially dangerous austerity measures for his government. The IMF had previously suspended its $7 billion bailout plan after the previous government refused to implement spending cuts. Financial Times
Ukraine’s counterattack
Ukraine’s long-awaited counteroffensive in the south of the country appears to have finally begun in earnest, with Kyiv claiming a breakthrough in Kherson province. It remains to be seen if this development will break the stalemate that has built up over the last couple of months of the war. Meanwhile, Ukraine and Russia are giving conflicting accounts of its success so far. Guard
Around the water cooler
Mark Zuckerberg’s dreams of building a super app are coming true, with Grady McGregor
Musk and Twitter have both filed the whistle in the acquisition dispute, according to Bloomberg
College Dropout Makes World’s 3rd Richest Person in Green Tech Behind Elon Musk and Jeff Bezos, Bloomberg
On recessionary nerves, workers are cutting back on telecommuting and demands for higher wages, by Jane Thier
Trump Truth Social Reportedly Owes Over $1 Million in Back Payments, by Colin Lodewick
This edition of CEO Daily Edited by David Meyer.
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