In response to the COVID-19 pandemic, increasing cyber risk and rise in property and casualty (P&C) Insurance rates across all lines of coverage, organizations are putting more emphasis on risk management than ever before. These and other risks — including regulation, supply chain interruption and natural disaster — contribute to escalating financial consequences.

According to Price Waterhouse Cooper’s (PwC) “Broking 2020: Leading from the front in a new era of risk” report, 74% of survey participants look to brokers for data analytics to help inform their decision-making. This follows a previous PwC global survey of approximately 2,000 business executives and risk managers worldwide, which indicated that 75% of respondents were investing resources to create a more risk-aware company culture, with one in four identifying fragmented risk data as the largest capacity gap. Further, 82% percent of respondents said they planned to develop an in-depth process to identify and monitor risk continually, a trend corroborated by the Risk Management Society’s (RIMS) Excellence in Risk Management XI survey. Though 90% of C-suite respondents said risk management impacts business strategy, only 25% feel their companies use risk management to its fullest ability. Key areas in which the use of data and analytics can be improved include risk identification, quantification and mitigation.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including and

Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including, and
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.