Travelers Announces Results of 2017 Risk Index
October 23 2017 - 9:30AM
Business Wire
Cyber threats, distracted driving and a
changing workforce top list of shared risks
The Travelers Companies, Inc. (NYSE: TRV) today announced the
results of the 2017 Travelers Risk Index, which identifies the
overall perception of risks for consumers and business leaders and
what worries them most. This year, 52 percent of consumers say they
think the world is getting riskier, down from 63 percent when the
survey was launched in 2013. Thirty-seven percent of business
leaders feel the business environment is getting riskier, compared
with 48 percent just three years ago.
The Travelers Risk Index also found that businesses and
consumers shared concerns about:
- Cyber threats: 56 percent of
businesses and 54 percent of consumers worry about cyber
risks.
- Distracted driving: 40 percent
of millennials worry that they are too distracted by their mobile
phone while driving, and 30 percent of businesses worry that
distracted driving by employees puts their companies at risk.
- Safety at home and on the job:
54 percent of consumers have personal safety concerns, and 36
percent of businesses worry about employees being injured in the
workplace.
- Workforce changes: Businesses
ranked recruiting challenges as their greatest emerging risk, and
consumers ranked the ability to stay competitive in the job market
as one of their top 5 emerging risks.
“Rapid technological changes are affecting risk perceptions,”
said Patrick Gee, Senior Vice President of Claim at Travelers. “The
gig economy, artificial intelligence and automation are weighing
heavily on people’s minds. While these factors present new risks,
there are ways to mitigate those risks and protect families and
businesses.”
The Consumer ViewFinancial concerns continue to be the
most worrisome risk for consumers, though fewer worry about it this
year than last (64 percent versus 70 percent). Identity theft is
the second leading concern, followed by personal safety risks and
cyber threats.
When it comes to severe weather, 63 percent say they have a plan
for what to do before severe weather strikes, while 56 percent say
they have a plan for after severe weather passes.
The Business ViewFinancial issues remain a leading
overall concern for businesses. Sixty-one percent of business
leaders worry some or a great deal about medical cost inflation,
followed by 55 percent who worry about employee benefit costs.
Fifty-one percent of respondents worry about their ability to
attract and retain skilled personnel. Despite these worries, only
one in four businesses makes risk management a strategic
priority.
For full results, visit www.travelers.com/riskindex.
About the SurveyHart Research conducted a national online
survey of 1,203 business decision makers from Jan. 16 to 30, 2017,
and 1,016 consumers, ages 18 to 69, from April 10 to 17, 2017. The
survey was commissioned by Travelers.
About TravelersThe Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto, home
and business. A component of the Dow Jones Industrial Average,
Travelers has approximately 30,000 employees and generated revenues
of approximately $28 billion in 2016. For more information, visit
www.travelers.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171023005843/en/
Media:The Travelers Companies, Inc.Gail Van Cleaf,
651-310-6902gvanclea@travelers.com
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