Travelers Risk Index Identifies Top Concerns of Consumers and Business Leaders
September 26 2016 - 9:03AM
Business Wire
Cyber Threats, a Changing Workforce and Severe
Weather Top the List
The Travelers Companies, Inc. (NYSE:TRV) today announced the
results of the Travelers Risk Index, an annual survey that provides
insight into the most pressing concerns of American consumers and
business leaders. While fewer respondents believe that the world is
becoming riskier, there are shared concerns about cyber threats,
the demands of a changing workforce and severe weather.
“Our findings reveal common risks that business leaders and
consumers may not be fully prepared to manage,” said Patrick Gee,
Senior Vice President of Claim at Travelers. “The good news is
there are steps they can take to help mitigate those risks and
protect their families, finances, homes and businesses.”
Consumers report worrying some or a great deal about:
- Financial concerns (70 percent).
- Personal safety concerns (59
percent).
- Personal privacy loss, identity theft
(55 percent).
- Transportation, travel concerns (54
percent).
- Cyber, computer, technology risks/data
breaches (51 percent).
Financial security is the top consumer concern for the fourth
consecutive year. The percentage of respondents who annually
evaluate their personal risks and insurance needs has continued to
decline (from 64 percent in 2014 to 60 percent in 2015 and 56
percent in 2016).
Business leaders report worrying some or a great deal
about:
- Medical cost inflation (59
percent).
- Rising employee benefit costs (56
percent).
- Cyber, computer, technology risks/data
breaches (54 percent).
- Legal liability (51 percent).
- Attracting and retaining talent (50
percent).
Thirty-one percent of business leaders are very confident that
they are appropriately and adequately insured. Respondents say they
are least prepared to manage their biggest worries — medical cost
inflation and rising employee benefit costs.
Shared Concerns
Cyber attacks are a significant concern among consumers and
business leaders as mobile devices, wearable technology, connected
workspaces and smart homes become more common. Half of consumers
fear someone will gain unauthorized access to their personal
information via smart devices. The report found that victims of a
data breach or cyber attack — nearly one-quarter of consumers
surveyed — say they have not since taken any greater precautions
than those who have not experienced a breach.
Nearly half (45 percent) of business leaders worry about the
emerging risks associated with increased automation and internet
connectivity. Thirteen percent report being very confident that
they have implemented best practices to avoid a cyber incident.
Eighty-one percent lack confidence in the steps they should take in
the event of a cyber breach, and 32 percent have a data breach
response plan in place.
Both consumers and business leaders report worrying about a
changing workforce and requiring employees to acquire new skills to
be successful. More than one-quarter of consumers surveyed are
anxious about having the skills to meet workforce demands. Half of
the business leaders surveyed report concerns about their ability
to attract and retain talent. Forty-nine percent of business
leaders view aging employees and the influx of millennials as key
disrupters.
Severe weather is another shared worry, with a majority of
consumers and business leaders believing it is becoming more
frequent across the country. Thirty-nine percent of consumers and
33 percent of business leaders indicate that they believe damage to
their property is more likely to occur. Sixty-three percent of
consumers say they have a plan for what to do before extreme
weather strikes. About half of business leaders say they have a
business continuity plan in place.
For full results, please visit www.travelers.com/riskindex.
About the Survey
Hart Research conducted a national online survey of 1,202
business decision makers from Jan. 6 to Jan. 20, 2016, and 1,001
consumers age 18 to 69 from April 8 to April 18, 2016. The survey
was commissioned by Travelers.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider
of property casualty insurance for auto, home and business. A
component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of
approximately $27 billion in 2015. For more information, visit
www.travelers.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160926005812/en/
The Travelers Companies, Inc.Gail Van Cleaf,
651-310-6902gvanclea@travelers.comorSperry Mylott,
860-277-5075smylott@travelers.com
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