Man-made threats, including market crashes and interstate conflict, pose a greater risk to the global economy than natural disasters, potentially costing cities $320bn annually, according to a report by Lloyd's. The report, published on Tuesday, said that while there was no single cause of such events, they were likely to be caused in part or entirely by climate change. In second place, the leading threat to New York is a market crash with $14.83 billion at risk. As well as highlighting the increasing concentration of wealth in select regions, the study also notably included cyber crime as a threat – a category that hadn't appeared in the previous report, three years ago.
Man-made threats, including market crashes and interstate conflict, pose a greater risk to the global economy than natural disasters, potentially costing cities $320bn annually, according to a report by Lloyd's. The report, published on Tuesday, said that while there was no single cause of such events, they were likely to be caused in part or entirely by climate change. As well as highlighting the increasing concentration of wealth in select regions, the study also notably included cyber crime as a threat – a category that hadn't appeared in the previous report, three years ago.