Risk management has become a top concern for middle market companies surveyed following more than a year of pandemic and other related business disruption, data from Chubb has shown.
According to Chubb’s Middle Market Indicator for Q2 2021, which surveyed 1,000 executives of middle market companies, 79% of those companies consider risk management as “extremely” or “very” important to their firms, compared to 68% in Q4 2020.
Despite the 11% jump in prioritizing risk management, the data indicates middle market companies are “leaving a key risk management resource on the table.”
Only 15% of middle market companies indicated they rely heavily on advice from their broker to help them understand and manage risk – a clear opportunity for brokers to help serve these clients’ unique needs.
“Working with risk management professionals can help middle market firms better understand their evolving exposures and avoid potential insurance coverage gaps,” the report notes.
Pandemic impact
The pandemic has changed the risk landscape for middle market companies, making them more risk averse, the report states.
“As risks evolve, it’s critical for middle market…
