Mid-Sized Companies Are Significantly More Concerned about Risks in 2022, Yet Not More Prepared, According to New Report from QBE North America and the Association for Corporate Growth®
Top concerns continue around financial, digital and business interruption risks
The report showed that financial, digital, and business interruption risks are top concerns for mid-sized business leaders. While they indicated that they are most prepared for the risks that cause the highest level of concern, fewer than half have a mitigation plan in place for most risks, and nearly three quarters stated unmet needs in their responses.
"Companies are increasingly feeling vulnerable as they confront supply chain issues, labor shortages, inflation and recession fears, and a host of other issues," said
The report showed that companies are looking to engage with their insurance providers for loss control planning and claims support more than ever before, with a full 90% indicating a high level of interest in doing so (a percentage that has risen each year). When expressing the need for customized advice and insurance products to mitigate risks, coverage for digital assets was most often cited. Companies are also increasingly seeking crisis management and recovery services and high quality, reliable service from providers.
Read the full report: qbe.com/us/risk-report
"QBE is committed to enabling our mid-sized business customers and broker partners to build a more resilient future and giving them confidence to continue innovating and taking measured risks," said
Additional 2022 Key Findings
- Organizational risk rose to become the fourth most concerning macro risk after financial, digital, and business interruption. Executives pointed to risks surrounding M&A deals as a main driver, fearing failure to realize the benefits and synergies of the merger.
- Cyberattacks and theft of various sorts are top concerns. For the third year in a row, cyberattacks topped the list of micro risks. Fraud/theft, corporate espionage/theft of critical data, and intellectual property theft/loss were also key concerns.
- Concern about employee health remains, despite an ease in pandemic fears. Executives expressed concern about medical cost inflation, increasing benefits costs, and accidents, health issues and workers' compensation.
"Risk mitigation is top of mind today for ACG's private equity members in particular, after many acquired businesses during the dealmaking frenzy of 2021," says
The survey was conducted by the independent market research firm HawkPartners from
Founded in 1954, ACG is the premier M&A dealmaking community with 59 chapters worldwide. ACG's global network comprises more than 100,000 middle-market professionals who invest in, own, and advise growing companies. ACG's mission is to drive middle-market growth. ACG reaches its audience through its content-rich media channels, including its award-winning flagship publication Middle Market Growth®, which dives into emerging trends; GrowthTV, which brings those stories to life; and podcasts that provide in-depth conversations with industry thought leaders. Learn more at acg.org, or follow on Twitter @ACGGlobal.
HawkPartners is a full-service marketing strategy and market research firm that blends insightful customer research with distinctive marketing strategies for global leaders. We partner with Fortune 500 clients across the
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