Organizations manage operational, digital, environmental and liability pressures that move across value chains and turn one event into several losses. Munich Re Specialty’s latest RiskScan shows how industry leaders are reassessing exposure. The findings point to a market where the next five years will redraw how companies measure protection, continuity and loss control.
Cyber incidents ranked first, cited by 55% of respondents. Business interruption and new technologies followed at 45% each. Natural catastrophes reached 42%, while legal system abuse and related pressures stood at 39%.
Sabrina Hart, president and CEO of Munich Re Specialty – North America, said the real challenge sits in how these forces connect. A cyber event triggers operational disruption. A climate event moves through supply chains. Legal inflation raises losses beyond the original incident.
She said this environment requires more than traditional insurance placement. Companies need joined-up risk thinking, technical expertise and a forward view that brings more certainty to a less predictable operating environment.
The real challenge is in understanding how these forces intersect. A cyber event can trigger operational disruption, a climate event can cascade through supply chains, and legal inflation can magnify losses well beyond the initial event.
Sabrina Hart, President & CEO of Munich Re Specialty – North America
“Navigating this environment requires more than traditional risk transfer. It calls for integrated thinking, deep expertise, and a forward-looking approach that brings clarity and stability to an increasingly uncertain world.”
The central point is direct: risk no longer moves in a straight line. It compounds, spreads and costs more. Natural catastrophes rise to the top risk at 52%, reflecting higher climate-related losses. Cyber remains near the top at 47%, driven by broader digital infrastructure and heavier technology dependence.
New technologies, cited by 44%, and business interruption, at 37%, continue to shape operational planning. PFAS liability also moves into view, cited by nearly 20% of all respondents and 37% of US carriers.
These findings match wider research on disaster costs, digital exposure and long-tail environmental claims. The issue isn’t one hazard replacing another. It’s the way each one affects the others.
A cyber incident stops operations. A climate event leads to litigation. A new technology exposes supply chains. Environmental liabilities stay on the balance sheet for decades.
Organizations that understand those links and plan around them will move faster than competitors when losses spread beyond the first event.
