Businesses Feel Prepared Yet Lack Ample Insurance, Says HUB Exec Survey

When it comes to facing risk in 2024, most organizations are not as prepared as they may think they are.

The newly released 2024 HUB Outlook Executive Survey revealed gaps in maintaining financial stability and profitability, building a vital and productive workforce, and maintaining resiliency in times of crisis.

The survey assesses North American organizations’ current state of risk and resiliency, providing 14 in-depth industry and sector-specific insights into the coming year.

“In today’s world, risk is ever-present and constantly evolving, and being prepared is now a more complex undertaking,” said Marc Cohen, HUB International President and CEO.

Conducted earlier this year, the survey polled 900 business leaders across corporate, risk, human resources and education/non-profit functions from companies in 11 sectors in the U.S. and Canada.

Responses highlighted the differences between actual preparedness and perception of preparedness versus the realities organizations may face, highlighting gaps and risks.

• Three-fourths of the organizations surveyed claim to be prepared to address the most critical risks, such as disruption to business operations, increased economic challenges and unpredictability.
• 76% of organizations lack ample insurance to maintain profitability, while nearly 20% take property loss prevention measures only if local rules demand it.
• 68% of organizations identify employee wellbeing as a top strategy impacting workforce vitality, but only 36% say they consistently focus on it.
• 53% of U.S. companies use data analytics to improve individual outcomes when formulating and implementing an organization’s benefits strategy.
• 45% of organizations in North America conduct frequent ERM assessments—28% quarterly and 17% monthly.
• Only 12% of organizations have comprehensive business continuity plans, and 43% note a misalignment between C-suite objectives and risk strategies.

HUB’s survey also offered some problem-solving suggestions, such as leveraging insurance as a strategic financial tool to manage profitability-related risks, using insurance as a strategic financial tool to minimize earnings volatility, improving employee wellbeing by using employee demographic data, and developing risk management strategies that include comprehensive business continuity plans backed by alignment at the C-suite level.

Download the full report at HUB Outlook 2024 | HUB International.

Topics Trends