Most mid-size businesses report having unmet needs related to reducing their risk exposures, according to recently released QBE North America 2020 Mid-Sized Company Risk Report.
The report, produced in partnership with the Association for Corporate Growth (ACG), surveyed 303 decision-makers at U.S. companies with $200 million to $3 billion in revenue.
The survey found that many mid-market companies fail to adequately prepare for risks that are caused by external or unpredictable forces. Consider that only 37% of mid-size companies said they have a risk mitigation strategy for risks related to a pandemic, and 30% said they have strategic plans for macroeconomic risks, such as a recession.
QBE and ACG study also asked mid-market leaders to name their top business risk concerns for 2020. Unsurprisingly, COVID-19-related risks ranked among the top concerns this year, with employee safety and impact on cash flow being most top-of-mind for mid-market executives. Many companies also remain worried about other general business risks, including financial and cyber threats.
“As the country contends with the impact of the pandemic, helping middle-market companies predict, prepare and protect against emerging risks will play a key role in the recovery,” said Tom Fitzgerald, president of QBE North America’s Specialty & Commercial business, in a press release. “We need to look to the future and understand what risks middle-market companies worry about most to design effective solutions to address those evolving risks, whether it’s a new type of insurance coverage or loss prevention or recovery service.”
