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Travelers Companies released yesterday the results of their annual survey which gauges the most pressing concerns of insurance consumers.
The latest iteration of the Travelers Risk Index found that while fewer respondents said that the world is becoming riskier, many had the same concerns about cyber threats, workforce trends, and severe weather.
“Our findings reveal common risks that business leaders and consumers may not be fully prepared to manage,” said Travelers Senior Vice President of Claim Patrick Gee. . “The good news is there are steps they can take to help mitigate those risks and protect their families, finances, homes and businesses.”
Seventy percent (70%) of the survey’s consumer respondents have identified financial concerns as their biggest worry; the category takes the top spot on the survey’s list for the fourth consecutive year. Personal safety concerns came in second at 59%, and personal privacy loss and/or issues on identity theft was third with 55%. Transportation and travel concerns took fourth with 54% of respondents citing it as a consumer worry, and cyber issues (which include computer, technology risks and data breaches) was fifth at 51%.
On the commercial side, most of the surveyed business leaders—59%—have identified medical cost inflation as their main concern. Rising employee benefit costs was at second with 56%, and cyber concerns third with 54%. Fifty-one percent (51%) of business leader respondents have said that legal liability was a specific concern of theirs, at fourth place. Attracting and retaining talent was the fifth most pressing concern for commercial insurance clients, with 50% of the survey’s respondents considering it a pressing matter.
Between the two insurance client groups, the survey found that both had similar concerns regarding matters of cyber, workforce, and the weather.
Although half of consumers surveyed said that they are worried someone could gain unauthorized access to their personal information through smart devices, those victimized by such a data breach—nearly a quarter of those surveyed—said that they have not since taken any greater precautions than those yet to experience a breach.
Similarly, although 45% of the surveyed business leaders said that they worry about the risks associated with increased automation and internet connectivity, few have actually adopted practices to address and prevent cyber-attacks. Such precautions include a cyber/data breach response plan (of which only 32% of respondents have prepared for) and employee data protection education and practices (only 35% of respondents have such measures in place). In fact, only 13% of the respondents could confidently say that they have implemented best practices to prevent data breaches.
In terms of workforce concerns, 27% of consumers surveyed said that they are anxious about having the necessary skills to meet workforce demand. On the other hand, 50% of the business leaders surveyed report concerns about their ability to attract and retain talent. Forty-nine percent (49%) of business leader respondents have said that aging employees and the influx of Millennials as key disrupters.
Thirty-nine percent (39%) of consumers and 33% of business leaders said that damage to their own property is more likely to occur thanks to severe weather. While 63% of consumers surveyed said that they have a plan for what to do before a severe weather event transpires, the same cannot be said of the business leaders group—about half said that they have a business continuity plan in place.
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