Now available: 2022 Year-end Business Insurance State of the Market Report

As reported in our Q3 2022 Business Insurance State of the Market Report, the property market continues to dominate insurance headlines. It will do so again in this 2022 year-end report. In addition, the 2023 18th Edition of The Global Risks Report—in partnership with Marsh McLennan and Zurich Insurance Group—underscores this concern and highlights a critical inflection point of many interconnected compounding risks.  

Global risks landscape: an interconnections map 

The report also discusses the current risks facing our natural environment. “As current crises diverts resources from risks arising over the medium to longer term, the burdens on natural ecosystems will grow given their still undervalued role in the global economy and overall planetary health,” it reads. “Nature loss and climate change are intrinsically interlinked – a failure in one sphere will cascade into the other. Without significant policy change or investment, the interplay between climate change impacts, biodiversity loss, food security and natural resource consumption will accelerate ecosystem collapse, threaten food supplies and livelihoods in climate-vulnerable economies, amplify the impacts of natural disasters, and limit further progress on climate mitigation.” 

Some of the risks described in this year’s Global Risks Report are close to a tipping point. Today’s crises influence tomorrow’s catastrophes. However, despite concerns of the cost-of-living crisis, economic downturn, economic warfare, climate action delays, and societal polarization, preparedness measures are possible. 

Transforming challenges into opportunities 

Shoring up resiliency across many different risks can protect your bottom line over the long run. It can even have a multiplier effect on overall preparedness. Martin South, the President and CEO of Marsh, sums up our approach well: “We are client-obsessed in everything that we do.”  

Your future is limitless. Marsh McLennan Agency (MMA) remains steadfast in our commitment to support our clients through the challenges ahead. We’ll work with you on strategies to achieve the best outcomes.  

Read the full report here.