Top Insurance Risk Concerns Revealed in RiskScan 2024 Report

The RiskScan 2024 survey, conducted by Munich Re US and the Insurance Information Institute (Triple-I), sheds light on top risk concerns in the insurance marketplace. Analyzing responses from 1,300 U.S. participants across five market segments—insurance carriers, agents, brokers, middle-market business decision-makers, small business owners, and consumers—the report identifies cyber incidents, climate change, and economic inflation as leading concerns.

Economic inflation reflects lingering post-pandemic challenges, influencing insurance premiums and replacement costs. Climate risks and cyber threats similarly present growing challenges, especially as cyber incidents evolve and intensify. Notably, flood risks also emerged as a significant issue, with a knowledge gap regarding standard policy exclusions for flood coverage.

The research highlights disparities in risk awareness between industry professionals and consumers. While insurance professionals demonstrate broader knowledge of emerging risks and mitigation strategies, consumers and small business owners are more focused on immediate, tangible threats. This underscores a critical need for education around under-recognized risks, such as legal system abuse and flood coverage.

Triple-I CEO Sean Kevelighan emphasized that bridging these knowledge gaps is essential to strengthening risk management strategies and preparedness. The full RiskScan 2024 report offers further insights to help stakeholders across the insurance industry address these challenges effectively.