Nearly 60% of mid-size businesses report having unmet needs related to reducing risk exposure, naming crisis management and customized advice as the top unmet needs for reducing those risks, according to the QBE North America 2020 Mid-Sized Company Risk Report.
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The report, produced in partnership with the Association for Corporate Growth (ACG), focused on the top concerns among executives at companies with $200 million to $3 billion in revenues.
The report also captures worries tied to the current environment, including pandemic risks, social unrest and climate concerns. Yet, despite 2020’s unique business landscape, many companies also remain worried about general business risks, citing concerns around financial risks, digital assets, litigation and talent and culture.
“As the country contends with the impact of the pandemic, helping middle-market companies predict, prepare and protect against emerging risks will play a key role in the recovery,” said Tom Fitzgerald, President of QBE North America’s Specialty & Commercial business, which focuses on serving mid-sized customers. We need to look to the future and understand what risks middle-market companies worry about most to design effective solutions to address those evolving risks, whether it’s a new type of insurance coverage or loss prevention or recovery service.”
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Most middle market businesses have risk mitigation strategies for financial and digital risks, but many do not for risks that are driven by external or unpredictable forces. The report found:
- 37% of mid-sized businesses have a pandemic risk mitigation strategy
- 30% have macroeconomic risk mitigation strategy (i.e. recession)
- 40% have a natural disaster risk mitigation strategy
- 25% have climate change risk mitigation strategy
“The pandemic has no doubt brought the desire for crisis management and recovery services to the fore,” said John Beckman, Chief Underwriting Officer, QBE North America. “This concern highlights the opportunity to help customers develop business continuity plans, guard against supply chain disruption and many other issues that arise in a crisis. It’s a critical part of the customized advice we can give to clients, and we need to help them understand that we don’t just sell insurance—we’re here to help them manage risk.”
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