Annual Survey Results
Global threats are accelerating.
A year ago, brokers and SMEs cited cyber threats as the most concerning global risks. In 2019, respondents place a high threat potential on geopolitical risks, such as the U.S. political climate and the U.S.-China trade war, as well as the ongoing risk of cyber threats. Also, this year we asked both brokers and SMEs to tell us what they see as the most important contribution insurance makes to society. Seven in 10 brokers (71%) and half of SMEs (53%) said “promoting risk management and control.” For both groups, this was followed by “helping businesses grow” (55% of brokers, 50% of SMEs) and “strengthening the economy” (50% and 39%, respectively).
Survey Key Findings
Both brokers (71%) and SMEs (53%) point to promoting risk management and control as the most important contribution insurance makes to society.
Trade War Tensions
Roughly a third of SMEs in the U.S. (38%) and the U.K. (28%) view the U.S.-China trade war as a potential threat to their organization.
Cyber Fears Increase
Addressing cyber threats and attacks are seen as a top priority for brokers on both sides of the Atlantic – 70% in the U.S, 71% in the U.K.
Supporting Economic Growth
Thirty-nine percent of SMEs (38% in the U.S., 40% in the U.K.) see innovation in insurance benefitting society by strengthening the economy.
“Insurance has a deep history, and it’s one we’ll continue to lean on. Now, we must emphasize innovation and adaptability – whether it’s autonomous vehicles, IoT or cryptocurrencies – and that our future promises to be exciting.”Mark E. Watson III, CEO, Argo Group
SMEs see trade and political climate as major global risks
Are any of the following geopolitical risks a potential threat to your organization?
Brokers see cyber hacking and political climate as major global risks
Are any of the following geopolitical risks a potential threat to your clients?