Marsh — Business Loss Concerns in 2024

Marsh’s 2024 Business Insurance Trends Report has been released. The company’s focus was mid-sized businesses and the survey interviewed 500 executives from firms with 250 employees or less, and with an annual income of $10 million to $49 million.

Company spokeswoman, Denise Perlman, the president and national practice leader of Business Insurance said the survey came up with 13 major concerns. She also noted that some of those risks are insured, others are not, and some coverages might not be enough if there is a major loss.

Perlman said today’s businesses "are operating in an increasingly complex and volatile business environment requiring a more proactive approach to risk identification and mitigation.”

When it comes to insurance, 64% said they did a thorough review of their insurance coverages in 2023. While the number is low, it’s a lot better than the just 50% in 2022.

"Despite the challenges, our findings show that organizations are becoming more mindful of their business' vulnerabilities," Perlman said, "and are seeking to ensure proper insurance coverage is in place to protect their bottom lines.”

Here are the top concerns:

1. Cybersecurity and data privacy

• Extremely concerned: 75%
• Somewhat concerned: 17%

2. The economy

• Extremely concerned: 63%
• Somewhat concerned: 28%

3. Regulatory changes

• Extremely concerned: 61%
• Somewhat concerned: 24%

4. Employee safety

• Extremely concerned: 57%
• Somewhat concerned: 27%

5. Catastrophes

• Extremely concerned: 56%
• Somewhat concerned: 25%

6. Global instability

• Extremely concerned: 56%
• Somewhat concerned: 33%

7. Environmental liability

• Extremely concerned: 51%
• Somewhat concerned: 28%

8. Product liability

• Extremely concerned: 50%
• Somewhat concerned: 32%

9. Political unrest

• Extremely concerned: 49%
• Somewhat concerned: 27%

10. Property limit capacity

• Extremely concerned: 48%
• Somewhat concerned: 30%

11. Workers' compensation liability

• Extremely concerned: 43%
• Somewhat concerned: 34%

12. Executive liability

• Extremely concerned: 43%
• Somewhat concerned: 39%

13. Nuclear verdicts

• Extremely concerned: 42%
• Somewhat concerned: 38%

Source link: PropertyCasualty360.com — https://bit.ly/3WIsIsG