RiskScan 2024: Emerging Technologies

Understand risk perceptions of top new tech.

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Tech risk concerns across market segments

RiskScan 2024, a broad-market survey conducted by Munich Re and Triple-I, offers an unprecedented view into the concerns driving current risk perceptions for five target markets from inside and outside the insurance industry. Among the survey topics explored by RiskScan 2024 are concerns about emerging technology—an area of particular interest to the experts at HSB.

Placing technology among top insurance risks

RiskScan 2024 explored the risk perceptions of 1,300 United States–based consumers, small business owners, middle market decision-makers, property and casualty (P&C) agents and brokers, and P&C carriers.

When asked to rank their top three insurance concerns, the overall group ranked cyber incidents, business interruption, and new technologies in the top half of the pack. And because RiskScan 2024 looked at each topic by market segment, HSB’s experts were able to dig in on how views of new technologies varied.

Surveys like this are important for understanding the level of awareness and concern that each stakeholder has and help direct where you need to spend your time and attention in educating, marketing, and raising awareness.

Mark Scheve

Senior vice president for strategic growth solutions at HSB

Percentage of respondents who ranked new technologies among their top three insurance risk concerns

38%

Consumers

53%

Small business owners

53%

Middle market decision-makers

28%

P&C insurance agents/brokers

40%

P&C insurance carriers

Deep dives into impactful emerging tech

In addition to exploring overall insurance risk concerns, RiskScan 2024 asked respondents which emerging technologies they believed would have the greatest impact on how they lived and worked.

Artificial intelligence (AI) was far and away top of mind, but the Internet of Things (IoT) and connected vehicles also ranked high among some segments. In their view on RiskScan 2024’s results, HSB’s team of experts used their deep knowledge on these areas to offer perspective on respondents’ rankings and what they might mean.

Most impactful emerging technologies cross overall marketplace

Resilient risk solutions

The findings in RiskScan 2024 bolster HSB’s efforts to help make property and auto insurance more sustainable through a recalibration of how insurance plays into risk solutions. While emerging technologies like AI, IoT, and connected vehicles generate new and evolving risk, their ability to sense, detect, predict, and prevent also pose potential risk mitigations.

We are seeking opportunities to shift the industry from a posture of repair and replace to an advantageous position of connect and protect, which benefits the customer and the carrier alike.

Kasey Ketcham

Vice president for strategic growth solutions at HSB