A new report shows insurers aren't catering to emerging risks for consumers

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A new report shows insurers aren't catering to emerging risks for consumers — including disruptive environmental patterns and new medical and health concerns:

This is an excerpt from a story delivered exclusively to Business Insider Intelligence Fintech Briefing subscribers.Emerging risks — including disruptive environmental patterns, technological advances, evolving social and demographic trends, and new medical and health concerns — are affecting global customers' lives in a variety of ways, according to a new

Consumers don't feel like they have comprehensive coverage for risk in their current insurance policy. Just 3% of consumers think they're appropriately covered against cyberattacks that can put personal data and information at risk, despite 83% of customers having moderate to high exposure to that risk. Additionally, only 16% of insurers think that cyberattack risks are driving demand for new offerings, suggesting that they're missing out on a new opportunity.

Additionally, consumers want add-on services from insurers, but they aren't ready to provide them. Almost half of customers want add-on services from their insurers, which would help with retention, but only 45% of insurers that are aware of emerging risk impact are offering value-added services.

 

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