Dear friend,

Our friends from the World Economic Forum (in this case mostly Swiss re MMC and the Wharton School of Business ) have brought out their latest risk report, Global Risks 2007. It’s fascinating reading — if you’re a manic depressive.

One of the most depressing things is that of the main 23 global risks tracked by the group, precisely none is unanimously deemed to have improved over the last 12 months. In fact they’re nearly all supposed to have got worse since last year.

And if you want to get really depressed, check out all the disaster scenarios on pages 8 and 9.

But the cynic in me says “they would say that wouldn’t they?”

Since when has it been in reinsurers’ interests to say that the world is getting safer, better or cleaner?

Scaring the hell out of everyone is a great advert for the product!

Still, it’s a cracking read — just don’t let it give you nightmares — or stop you taking risks.

When all else are scared stiff, the bold underwriter strides forth to glory.