Geoeconomic confrontation, state-based armed conflicts, extreme weather events, societal polarisation, and misinformation and disinformation have been identified as the top five immediate risks facing businesses in 2026.

The findings come from the World Economic Forum's Global Risks Report 2026, released with input from Marsh and Zurich Insurance Group.

In the two-year outlook, misinformation and disinformation rose to second place, while societal polarisation climbed to third. Some 57% of respondents predicted a turbulent or stormy outlook over the next decade, with environmental and technological risks dominating the 10-year view.

These findings align with the latest WEF Executive Opinion Survey, which found that AI-driven misinformation and disinformation have entered the top five near-term risks cited by G20 executives for the first time.

The report indicated that all 33 risks surveyed – except geoeconomic confrontation – are expected to increase in severity over the next 10 years, according to business leaders.

Andrew George (pictured above, left), president of specialty at Marsh Risk, said deepening divisions are at the centre of the societal risks now facing organisations.

"Despite the growing severity of these global risks, major governments are moving away from many established frameworks designed to tackle our shared challenges," George said. "As a result, divided societies are being driven closer to the brink of social instability and increased conflict."

Alison Martin (pictured above, right), CEO of life, health and bank distribution at Zurich, noted that business leaders in major economies are concerned about pensions and public health. She said it is striking that societal risks such as declining health and lack of public infrastructure barely register in the 10-year outlook, despite their effects already reshaping the global landscape.

"If we don't act with urgency and collaboration, we risk ignoring the very threats that could define our future," Martin said.

The report found that disruptions to critical infrastructure ranked 23rd among global risks for the next decade. Peter Giger, group chief risk officer at Zurich, described this as a "dangerous oversight," citing power grids strained by record heat and coastal cities at risk from rising seas. "When infrastructure fails, everything else is at risk," Giger said.

Advancements in artificial intelligence and quantum computing are expected to reshape labour markets, societal structures, and geopolitics, potentially widening global economic gaps.

George said governments and businesses must work together to address challenges created by role redundancy, economic concentration, and the potential for systemic disruptions in critical infrastructure and digital trust.