Cyber, climate and business interruption risks are the three main areas of concern for US industry stakeholders, according to a survey by Munich Re and the Insurance Information Institute.  

The findings, detailed in Munich Re’s RiskScan 2024 report, show 77% of consumer respondents see climate change as a crucial insurance risk.  

Consumers also rank thunderstorms, tornadoes and winter storms as the top three natural perils, while insurance brokers see floods and earthquakes as the most significant.  

The study reveals a notable difference in climate concerns, with only about 34%-41% of small businesses, brokers and insurance carriers rating it a top risk.  

Among small companies, business interruptions are the main area of concern, as the effects of the covid pandemic and natural disasters are felt.  

Cyber risks rate highly – between 42% and 59% – across all the respondent groups.  

Munich Re says there is a gap between stakeholder knowledge and actions to address risks, as noted in responses to flood and cyber.  

“Recognising gaps in knowledge and action in areas such as flood, cyber and legal system abuse provides opportunities to educate and narrow the gaps,” the reinsurer says.  

“By understanding the risks that span across multiple market segments, together we can foster meaningful dialogue and develop innovative solutions that benefit society as a whole.”