In Worldwide Broker Network’s (WBN) The New Risk Reality Report, global business leaders acknowledged the strategic importance of insurance, but were concerned about several persistent challenges around selecting and renewing policies. The top insurance-related risk of concern for business leaders was rising premiums and affordability (47%). “Affordability as a leading concern reflects years of sustained rate pressure, including double-digit increases in some markets,” said Jen Blair, global director of P&C and product development at WBN.
Other top risks were: gaps in cyber insurance (43%), natural catastrophe damages outpacing insurance coverage (40%), insurance partners not being proactive (39%), claims volatility (30%), and not being adequately covered for risks (27%). These risks coincide with some of the top nine business risks and concerns relating to insurance, including cybersecurity and digital risk (48%), the impact of AI (40%) and climate-related risks or catastrophes (20%).
Overall, while demand for coverage is increasing, these insurance-related concerns highlight that confidence in available products—particularly around cyber—lags behind.