Overview
Business leaders are changing how they treat commercial insurance. A report commissioned by WBN in partnership with MarshBerry found that 43% now view insurance as part of business performance, rather than a back-office cost. Only 3% globally still describe it as an unavoidable expense.
The shift is sharp because insurance now sits closer to board-level decisions on risk, capital planning and operational continuity. Companies use it to protect revenue, manage volatility and support decisions on expansion, technology and supply chains.
Risk management ranked just behind innovation and digital transformation as a driver of organisational strength.
- 45% of leaders named a proactive risk strategy as the second most important factor, compared with 53% who pointed to innovation and digital transformation. Workforce adaptability and crisis preparedness followed at 37%.
- Cybersecurity and digital risk sit at the top of the near-term agenda. The report found that 48% of business leaders globally see cyber and digital threats as their most pressing concern over the next 12 to 24 months. The figure reached 52% in the UK and 50% in the US.
- AI ranked second, cited by 40% of respondents, ahead of economic uncertainty at 36%. For insurance buyers, AI creates a messy risk profile. Companies face liability questions, data privacy exposure, intellectual property disputes and fast-moving regulation, often before insurers have settled on standard underwriting models.
- Coverage confidence also looks uneven across major external risks. A quarter of leaders globally said they were not confident they had adequate insurance for geopolitical risks. Another 22% lacked confidence in cover for economic uncertainty, and 17% said the same about climate-related risks.
The report said insurers have started adding AI-related exclusions to traditional cover, creating the risk of hidden or unintended coverage gaps. An organisation might assume it has protection, then find the policy wording does not respond when an AI-related claim arrives.
The findings point to a broader change in the commercial insurance market. Buyers want insurance to support risk decisions before losses occur, but the fastest-growing exposures are the hardest to price cleanly. Cyber, AI, geopolitics and climate risk do not fit neatly into older policy structures, and businesses now recognise the gap.
What changed in how companies view commercial insurance?
The WBN and MarshBerry report found that 43% of business leaders now link commercial insurance with business performance. Only 3% globally still see it as an unavoidable expense.
Which business risks rank highest for leaders?
Cybersecurity and digital risk rank first, cited by 48% of leaders globally. AI follows at 40%, with economic uncertainty at 36%.
Why does AI create problems for insurance buyers?
AI raises liability, data privacy, intellectual property and regulatory risks. Policy wording has not caught up in many areas, and exclusions in traditional cover leave room for unexpected gaps.
Where are coverage confidence gaps strongest?
A quarter of leaders said they lack confidence in their geopolitical risk coverage. Another 22% raised concerns about economic uncertainty cover, while 17% said climate-related risks remain underinsured.
Why does risk management now matter more to business strategy?
Companies face faster-moving threats across cyber, AI, regulation and geopolitics. Insurance now supports planning, capital protection and operational continuity, rather than sitting only as a claims tool after losses.
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by Peter Sonner – Lead Tech Editor at Beinsure
