Study: Top concerns for mid-market businesses include financial, digital risk

The majority of the executives surveyed (74%) said their company currently had unmet risk management needs, and 90% said they would be interested in engaging their insurers for loss control planning as well as during the claims process. (Credit: Andrii Yalanskyi/Adobe stock)

Fewer than half of mid-sized companies have a mitigation plan in place for most types of macro business risk, according to the 2022 QBE Mid-Sized Company Risk Report. The survey found the risks these companies were least prepared for were related to climate change (33% have a mitigation plan), macroeconomic risk (37%) and reputational risk (39%). Unsurprisingly, these risks – along with that of natural disasters and severe weather – ranked lowest on the list of risks with which mid-sized businesses are concerned.

The macro business risks that concerned these companies the most were financial risk (60%), digital risk (51%), business interruption risk (51%) and organizational risk (44%). These were the same risks for which businesses were most likely to have a mitigation plan in place. While the top three risks all received similar marks for concern in 2021, organizational risk made the jump from the eighth most concerning risk in 2021 to the fourth in 2022, while concern about pandemic risk fell.