Are you ready for tomorrow?
Avoid falling into a state of perceived preparedness and proceed with confidence into 2024.
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HUB Outlook 2024
Align business and personal goals to protect your profits and drive organizational vitality and resilience
The 2024 HUB Outlook is your roadmap to navigating risks and building a resilient future. Our North American report, complemented by 14 in-depth industry- and sector-specific assessments, is based on insights from our proprietary survey of 900 executives and 200 high net worth individuals and their advisors. Amid elevated risk factors — from geopolitical instability, natural disasters and labor disruptions to the rapid evolution of AI — many
companies and high net worth individuals still rely on legacy risk mitigation, insurance and employee engagement strategies, resulting in a false sense of preparedness. Organizations with a forward-looking and comprehensive approach can seamlessly navigate risks. On the contrary, those lacking such actions and initiatives tend to overestimate their readiness or possess a false sense of preparedness and expose their businesses to risks.
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How it
affects you
Our HUB practice leaders share insights on what to expect in the world of risk, insurance and benefits.
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Close the gap between perceived and actual preparedness.
Close the gap
between perceived
and actual
preparedness.
When preparing for future risks, it is vital for organizations and individuals to proactively identify and prepare for potential threats, even those not immediately obvious. While many companies emphasize data-driven decision-making and greater collaboration on enterprise risk management (ERM) assessments, only those taking an end-to-end approach that includes efficient risk mitigation and employee wellbeing initiatives are truly prepared for the future.
of organizations claim to be prepared to address the most critical risks...
Three-fourths of the organizations claim to be prepared to address the most critical risks (e.g., disruption to business operations, governmental regulatory and legislative changes, increased expenditure and economic challenges and unpredictability).
However, when it comes to taking appropriate measures, 76% of organizations lack ample insurance to maintain profitability while nearly 20% of organizations in the U.S. and Canada take property loss measures only if local rules demand it.
Nearly 90% of affluent individuals polled in HUB’s 2024 Outlook High Net Worth Survey believe they have a program that adequately covers all aspects necessary to mitigate risk. However, only one in five of respondents are increasing limits or layering policies to reduce risk, fewer than one third believe they have adequately protected themselves from cyber threats, and more than half do not have a risk mitigation protocol for travel. Given the changing landscape, it’s unlikely that affluent families’ perception of preparedness meets reality.
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Use insurance as a tool to mitigate financial risk...
Amplify your focus on employee wellbeing to enhance workforce vitality....
Invest in advanced data
analytics to meet employees’ needs...
Develop an adaptive and effective enterprise risk management (ERM) strategy...
Develop an adaptive and effective enterprise risk management (ERM) strategy...
Amplify your focus on employee wellbeing to enhance workforce vitality....
Download Report
Download to dive into the details.
In reality, few organizations take advantage of the opportunity to leverage insurance as a strategic financial tool to manage profitability-related risks — just 27% of organizations have used it.
of organizations haven’t yet explored the idea of leveraging insurance as contingent capital...
There is a significant opportunity for companies to use insurance as a strategic financial tool to minimize earnings volatility and strengthen their financial and overall organizational resilience.
Use insurance as a tool to mitigate financial risk.
Close the gap between
perceived and actual preparedness...
Invest in advanced data
analytics to meet employees’ needs...
Use insurance as a tool to mitigate financial risk.
Amplify your focus on employee wellbeing to enhance workforce vitality.
Use insurance as a tool to mitigate financial risk...
Develop an adaptive and effective enterprise risk management (ERM) strategy...
Invest in advanced data
analytics to meet employees’ needs...
Download Report
Download to dive into the details.
At present, 68% of organizations identify employee wellbeing as a top strategy impacting workforce vitality, but only 36% have a strong and consistent focus on it.
Employee wellbeing goes beyond physical and mental health. Organizations must consider other aspects like career growth, positive social interactions, financial management, retirement planning and more.
Companies can significantly improve vitality by using data on their employee population, including life stages and other demographics, to design employee wellbeing solutions that are tailored to their workforce.
Amplify your focus on employee wellbeing to enhance workforce vitality.
Close the gap between
perceived and actual preparedness...
Invest in advanced data analytics to meet employees’ needs.
Develop an adaptive and effective enterprise risk management (ERM) strategy...
Amplify your focus on employee wellbeing to enhance workforce vitality....
Use insurance as a tool to mitigate financial risk...
Download Report
Download to dive into the details.
However, the companies that claim to be using data analytics may not be collecting or using data to its fullest extent. A robust approach to data analytics encompasses efficient preparation, data acquisition, modeling and deployment, along with a continuous focus on improvement and adaptation.
When formulating and implementing their benefits strategy, 53% of U.S. companies use data analytics to create cost-effective benefits programs that improve the bottom line and individual outcomes.
Organizations that invest in advanced data analytics are better equipped to understand and respond to employees’ current and future needs at an individualized level. Those that collect the relevant data points by asking the right questions and look at the data holistically are better able to drive down costs by reallocating resources to focus on the benefits most desired by the workforce.
Invest in advanced data analytics to meet employees’ needs.
Close the gap between
perceived and actual preparedness...
Develop an adaptive and effective enterprise risk management (ERM) strategy for resilience.
Amplify your focus on employee wellbeing to enhance workforce vitality....
Use insurance as a tool to mitigate financial risk...
Close the gap between
perceived and actual preparedness...
Invest in advanced data analytics to meet employees’ needs...
Download Report
Download to dive into the details.
With high net worth families, education is the key to future risk preparedness. The next generation needs to understand exposures and vulnerabilities, and how those risks are being addressed — whether it's through a policy, self-insured or a combination — as well as the policy details and exclusions.
We found that 45% of organizations in North America conduct frequent ERM assessments — 28% quarterly and 17% monthly.
However, only 12% have comprehensive business continuity plans, and 43% note a misalignment between C-suite objectives and risk strategies.
Companies that identify the full range of their exposures through the ERM process may find that captives offer the best protection along with the enhanced customization they need to reduce their total cost of risk.
In a highly volatile risk environment, rethinking enterprise risk management (ERM) is paramount to ensure current plans are thorough and to implement more creative strategies like the use of insurance captives to support resiliency. Companies will require a robust ERM strategy with the right balance between the frequency and depth of risk assessments. C-suite alignment with the management of risk, insurance and employee wellbeing, along with efficient business continuity planning, are also critical for building resilience.
Organizations that adopt a tailored, data-driven ERM strategy are well-equipped to seamlessly navigate today's intricate risk landscape by gaining insight into insurance rates, claims and exposure trends.
Develop an adaptive and effective enterprise risk management (ERM) strategy for resilience.
of organizations claim to be prepared to address the most critical risks...
75%
75%
72%
72%
of organizations haven’t yet explored the idea of leveraging insurance as contingent capital...
36%
of companies have a strong and consistent focus on employee wellbeing...
of companies have a strong and consistent focus on employee wellbeing...
36%
53%
of companies use data analytics to improve individual outcomes...
of companies use data analytics to improve individual outcomes...
53%
of companies have comprehensive business continuity plans...
12%
12%
of companies have comprehensive business continuity plans...
Develop an adaptive and
effective ERM strategy...
Develop an adaptive and
effective ERM strategy...
Invest in advanced data
analytics to meet...
Develop an adaptive and
effective ERM strategy...
Invest in advanced data
analytics to meet...
Amplify your focus on employee wellbeing to...
Invest in advanced data
analytics to meet...
Close the gap between
perceived and actual...
Use insurance as a tool to mitigate financial risk...
Use insurance as a tool to mitigate financial risk...
Close the gap between
perceived and actual...
Amplify your focus on employee wellbeing to...
Amplify your focus on employee wellbeing to...
Use insurance as a tool to mitigate financial risk...
Close the gap between
perceived and actual...
Invest in advanced data
analytics to meet...
As the insurance market tightens, affluent families will need to approach risk mitigation holistically, looking beyond the traditional homeowner’s, auto and umbrella liability coverages to protect and support their lifestyle. From excess and surplus coverage to self-insurance options, wealthy families must find the best mix to mitigate risks for generations to come.
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Industries
Agribusiness
Construction
Cannabis
Education
Entertainment & Sports
Private Equity
Healthcare
Hospitality
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Employee Benefits
Private Client
Retirement
North American Outlook
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