The annual Travelers Risk Index was recently released for2017.

The yearly report identifies the overall perception of risks forconsumers and business leaders and what worries them most. Thestudy also identifies emerging trends among consumers andbusinesses separately, and whether each view these trends as greatopportunities, great risks or both. 

The 2017 Travelers Risk Index was compiled by Hart Research,which issued two national online studies this past spring. Onesurveyed 1,203 business decision-makers, and the second surveyed1,016 consumers ages 18 to 69 about each group's overall perceptionof risks, emerging trends, and their related risk-mitigatingbehaviors. 

Related: Top 5 personal risks, according to the TravelersRisk Index

Emerging trends and risks amongconsumers 

Consumers surveyed in the Travelers Risk Index identified whichof the 12 emerging trends posed the greatest risk to themselves andtheir families. The responses show the most worrisome risks areones that relate to conflict, cyber, the environment and thechanging workforce.

With the greatest response, 51% perceive global politicalconflict, terrorism and social unrest as the greatestrisk posed to the consumers surveyed and their family members.Following this risk is domestic political conflict and social unrest, listed by 39% ofrespondents, and the rise in cyber threats from the increased useof internet-connected devices (31%). 

Related: Interest in travel insurance terrorism coverage onthe rise 

The survey results showed that consumers also worry aboutthreats relating to the natural world, including climate andweather volatility, global epidemics and constrained naturalresources.

The changing workforce is another concern, according to the RiskIndex report. Consumers are concerned about their market value andwhether they have the new skills needed for today's businesses.Other related worries consumers cited included their ability tostay competitive in the job market, and concerns about U.S. jobscontinuing to move overseas.  

Emerging trends and risks amongbusinesses

The changing future workforce is a major concern for businessesas well. With 38% of the response, the changing future workforce –aging workers, the influx of millennials and the changing workerskill availability – was the greatest risk cited in the BusinessRisk Index survey conducted by Travelers and Hart ResearchAssociates.

This particular survey in the Travelers Risk Index (see right)identified 12 emerging business trends and business owners'perceptions of each as either great opportunities, great risks, orboth. The survey also analyzed the strategies and tools businessowners use to mitigate risk.

The emerging trends that rank highest in terms of opportunityall revolve around emerging technologies that connect people withproducts and information.

 Related: Science leads the way for a tidal wave ofdisruption

According to the survey report, the biggest opportunitiesidentified by small and midsized businesses include e-business (theincreasing use of digital platforms, including mobile, to conductcommerce or make online purchases) increased connectivity andsocial media.

Among large businesses, increased automation (including "smart"technologies, robotics and artificial intelligence) ranks first.This is followed by e-business and increased connectivity.

Businesses overall are split when it comes to globalization: 17%say it's an opportunity and the same percentage (17%) perceive itas a threat. 

Related: 8 biggest threats to businessclients

How businesses are (or are not) mitigating theserisks 

The survey also inquired about the ways businesses aremitigating these risks. Researchers found that despite their manyconcerns, a majority of business owners don't feel adequatelyprotected. 

When asked if they are confident that their businesses areproperly insured against all the potential risks they face, only 3in 10 business owners/executives (30%) said they feel veryconfident that they are properly insured, and 3 in 5 feel somewhatconfident (57%). 

This number is slightly better among large businesses, however,as 34% reported feeling very confident — up 27% from lastyear. The survey also found that 1 in 4 businesses indicate thatpreventing, preparing for and responding to risk is a strategicpriority, with larger businesses more likely to considerit. 

Overall, the report found that 40% of all businesses treat thisas an important management activity. Businesses are likely to putinto place basic preventative measures that guard against physicalharm to employees and premises, such as having emergency exit plansand employee safety training. They are less likely to take measuresthat represent longer-term investments against less immediatethreats, including means for averting cyber risks.

Only 1 in 3 businesses review their data security plans andpractices (33%); fewer than 1 in 4 have created a cyber/data breachincident response plan (22%); and fewer than 1 in 4 haveestablished employee data protection education and practices (22%).In addition, only 37% have a periodic review of their insuranceneeds with their agent or broker, and a little more than half (52%)have a business continuity plan in place.

Related: As cyber risks evolve, businesses aregrowing complacent, Zurich report says

The full report on the 2017 Travelers Risk Index is availablefrom the company's website.