Cyber incidents, economic stress and artificial intelligence have emerged as top concerns across five key insurance segments, underscoring the growing interconnectedness of modern risks, according to RiskScan 2026, a cross-market study jointly conducted by the Insurance Information Institute (Triple-I) and Munich Re.
For the 2026 edition, Munich Re USA and Triple-I commissioned independent market research firm RTi Research to conduct an online survey of more than 1,700 respondents.
Research exploring changing risk perceptions and increasingly interconnected risk exposures in the US and UK insurance markets, RiskScan 2026 highlights the broad convergence of cyber, economic, technology and catastrophe risks.
RiskScan 2026 observes that today’s digital environment is characterized by the increasing frequency and sophistication of cyber threats, from companies vulnerable to customer data breaches to smart homes that are interconnected and exposed to potential attacks.
The research report adds: “We are seeing increasing cyber losses and higher costs for the insurance industry, underscoring the value of cyber insurance. Cyber remains an unpredictable threat to businesses and individuals and continues to pose a significant risk to all market segments.”
Meanwhile, the increased frequency and severity of natural disasters, driven by responses from insurance professionals and consumers, also ranks among the top three insurance risks.
“Despite no hurricane landfall, 2025 is by far the most costly year for off-peak disaster claims: wildfires, flooding, and severe thunderstorms,” the report explains.
At the same time, off-peak (secondary) catastrophe risks – including floods, severe storms, winter weather and wildfires – are now widely viewed as frequent, high-impact risks, challenging traditional assumptions about catastrophe exposure and diversity, the report said.
The risk of business interruption is a common concern among business and insurance professionals, with threats ranging from cyberattacks, natural disasters, strikes, and geopolitical conflicts all having the potential to cause severe operational disruptions. Understandably, this is not a top concern for consumers, the report said.
Artificial intelligence ranks as the most impactful emerging technology, reflecting its rapid adoption and growing concerns about operational, regulatory, liability and systemic risks, the study found.
The report notes that despite growing awareness, there are persistent gaps in flood and cyber insurance protection among businesses and insurance professionals.
Finally, research shows growing recognition that abuses of the legal system are a driver of rising property insurance costs, pointing to broader recognition of structural pressures affecting affordability and long-term market stability.
Taken together, these findings from RiskScan 2026 highlight that modern risks are increasingly systemic rather than siled. The interconnectedness of today’s threat landscape is driving organizations to take a more proactive and integrated approach to risk management, including supply chain diversification, geopolitical intelligence, and more frequent continuity plan updates to enhance resiliency.
Marcus Winter, President and CEO of Munich Re North America (P&C Re), commented: “As insurance professionals, we are committed to driving positive change by helping our clients better understand, mitigate and manage today’s increasingly complex risks, from cyber incidents and business disruptions to natural catastrophes and emerging artificial intelligence risks.
“The findings also reinforce the critical role that insurance plays in helping communities recover after losses, promoting long-term financial stability and building resilience.”
Michel Léonard, Ph.D., CBE, chief economist and data scientist at Triple-I, said: “Today’s risk environment is shaped not only by disaster and cyber risks, but also by the interplay between economic inflation, geopolitical uncertainty, supply chain pressures and rising legal costs.
“Data shows that economic conditions are increasingly acting as a multiplier for insurance risk, affecting affordability, claims severity, capital allocation and long-term market stability across the insurance value chain.”
Sean Kevelighan, chief executive of Triple-I, said: “The survey results clearly demonstrate that understanding risk is only the first step. As flooding, cyber and other interconnected risks continue to evolve, the industry has a significant opportunity to enhance public understanding, close protection gaps and work with consumers, policymakers, businesses and communities to better anticipate, prepare for and prevent increasing risks.”
Widespread recognition of the social value of insurance highlights the importance of collaboration between insurers, reinsurers, industry organizations, policymakers and risk management leaders to address emerging risks, improve public understanding of risk, and develop solutions for resilience and economic stability.
Kerri Hamm, head of U.S. cyber underwriting, client solutions and business development at Munich Re, concluded: “RiskScan 2026 highlights the need for the insurance industry to accelerate in areas that matter most to P&C customers and their policyholders.
“Insurers are enhancing their cyber offerings, rolling out new models for emerging off-peak risks, and developing forward-looking products designed to help businesses navigate changing AI-related risks.”
