Want to know the gaps that need bridging between consumers, small business owners (SBO), Middle Market (MM) decision-makers, P&C Brokers and Agents, and P&C Carriers?

This report, 'Risk Scan 2024, from  Munich Re and Insurance Information Institute offers good insights to compare with your own research.

Take consumers: 

Compare that with Carriers:

Unsurprisingly, ‘Business Interruption’ is rated of higher by carriers than consumers. 

What of poly- and perfluoroalkyl substances (PFAS)? 

They have a very wide range of consumer and industrial applications. Their stability and resistance to degradation results in almost indefinite environmental contamination, leading to long-term continuous exposure of people and wildlife. There is worldwide concern of the adverse impact arising from PFAS use on human health and the environment.

This is an emerging but real risk. Should health and life carriers educate customers and work with governments and agencies to anticipate this risk? 

Read a full report on this risk here.

Take natural disasters across the different segments. Insurance professionals concentrate on current and emerging risks, while consumers tend to focus on risks with immediate and direct impact

That prompted this quote: -

These disparities lead to knowledge gaps

The report contiinues: 

"One area where there is a likely gap of understanding lies between concern and coverage. The survey uncovered less concern about flood on the part of consumers than expressed by insurance professionals and businesses who ranked flood as one of the top two most pressing natural disasters. This gap suggests consumers might not be aware that they are at risk for flooding and traditional homeowners policies typically exclude this peril. While SBOs ranked flood as a top concern, many may be unaware that commercial property insurance does not typically cover flood damage and they may incorrectly assume that their business is eligible for FEMA disaster grants.

 In fact, when a business does receive disaster assistance loans, they must repay them with interest—adding further financial pressures.

 Another potential gap between knowledge and action is cyber risks. Although identified by all audiences as a significant concern, there is still a high proportion of uninsured cyber risks in both the commercial and personal line space. According to Munich Re’s* 2024 global cyber survey, 87% of managers surveyed state that their company is not adequately protected against cyber risks. Moreover, only 19% of respondents to Munich Re’s Global Cyber Risk and Insurance Survey 2024: Personal Lines reported being offered cyber insurance for their private lives yet 42% still have no intention of purchasing this insurance.

I suggest you look at the full report ‘Risk Scan 2024’ for more detail and compare the insights with your research and plans.