Cyber threats, climate change, and business interruption (BI) are the top risk concerns among key marketplace segments in the insurance industry, according to a new survey by Munich Re America and Triple-I.
The RiskScan 2024 survey highlights key risk concerns across five categories: insurance risks, market dynamics, natural disasters, emerging technologies, and property and casualty (P&C) insurance costs. It gathers insights from five key segments: P&C insurance carriers, agents and brokers, middle-market business decision-makers, small business owners, and consumers.
The findings show insurance professionals take a broad view of risks, while consumers focus on immediate concerns like climate change, cyber threats, and natural disasters. Consumers also expressed concern over non-peak perils, including thunderstorms, tornadoes, and floods.
However, despite recognising these risks, businesses and consumers often underestimate the importance of adequate coverage, particularly for flood and cyber risks.
Additionally, artificial intelligence emerged as the top priority among emerging technologies across all groups surveyed.
Kerri Hamm, EVP–head of cyber underwriting, client solutions, and business development at Munich Re US, stated: “Understanding risk concerns of our customers is invaluable.”
Hamm added: “The trends and insights uncovered in RiskScan 2024 will enable the industry to better design, price, and deliver products that genuinely address what our customers care about the most.”
Sean Kevelighan, CEO of Triple-I, said: “As societal risks – natural and manufactured – continue to evolve, Triple-I is proud to partner with Munich Re US on RiskScan 2024.”
He continued: “The knowledge gap about insurance risks demonstrates the continued need for education of consumers and businesses, especially about flood, cyber, and legal system abuse. Increasing knowledge will be instrumental for the collective work needed to better manage and mitigate future risks,” he added.
