Risk strategy gains as premiums lead concerns

Philadelphia – Rising premiums are the top insurance concern for business leaders, cited by 47% of respondents, even as risk management becomes a central driver of organizational resilience, according to a report issued Monday by Worldwide Broker Network at Riskworld.

The report, based on a survey of more than 1,750 C-suite leaders in the U.S., Canada, the United Kingdom, France, Germany and Spain, was independently commissioned by WBN in partnership with MarshBerry.

Cyber coverage gaps were cited by 43% of respondents as a top insurance concern, while natural catastrophe capacity constraints were cited by 40%.

Nearly half of respondents, or 45%, said a comprehensive risk management strategy is one of the most critical drivers of organizational resilience, second only to innovation and digital transformation. Workforce adaptability and crisis preparedness were each cited by 37% of respondents as key contributors to resilience.

Some 43% of executives said insurance is integral to business performance, the report said. Only 3% of respondents said they view insurance as an unavoidable expense.

Cybersecurity was identified as the top business risk by 48% of leaders, followed by the impact of artificial intelligence at 40% and economic uncertainty at 36%. Supply chain disruption was cited by 29% of respondents, while talent shortages or workforce disruption were cited by 21%.

“Understanding the pressures facing business leaders is essential to understanding our clients. As organizations navigate today’s uncertainties and complexities, risk management has never been more mission-critical,” Olga Collins, CEO of Worldwide Broker Network, said in a statement.

When selecting or renewing insurance partners, 46% of respondents cited quality of service delivery as the most important factor, followed by price and total cost of risk at 40% and innovation, digital tools and data capabilities at 39%.

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