By Lewis Nibbelin, Research Writer, Triple-I
Insurers and their customers alike are beginning to recognize the importance of addressing interconnected and mutually reinforcing perils, rather than thinking of individual risks in isolation, according to RiskScan 2026, a joint study from Munich Re US and Triple-I.
Based on survey data from five market segments, the study found that more than half of participants identified cyber incidents (53%), artificial intelligence (71%), and economic pressures (98%) as their chief concerns, reflecting growing stakeholder agreement on the risks most impacting the current landscape. Increasing frequency and severity of natural catastrophes also consistently ranked as a top driver of insurance costs, at 58% of respondents – particularly for perils traditionally regarded as smaller and less costly.
“Historically, when we think about natural catastrophe risk, we think about major hurricanes and earthquakes driving and dominating the discussion,” said Michael Quigley, head of property underwriting and multiline risk quantification at Munich Re US, in an Executive Exchange with Triple-I CEO Sean Kevelighan. “But today, it’s severe convective storms, floods, wildfires, and other non-peak perils that are seen as frequent high-impact events.”
According to Munich Re’s NatCatSERVICE as of January 2026, insured U.S. losses for these perils reached a record $88 billion in 2025. Convective storms alone accounted for $42 billion of these insured losses, well above the 10-year average of $29 billion.
While all survey groups considered natural catastrophe risk a top concern, rankings differed for flood, which Kevelighan noted is involved in approximately 90% of U.S. natural disasters. Unlike all other audiences, consumers ranked it low, in part signaling ongoing misconceptions about flood risk and coverage exclusions and limits.
“You need to take a moment as a homeowner, as a business owner, to really understand where you’re living and how you might need to be managing your risks better,” Kevelighan said. “This isn’t just about detecting and repairing after catastrophe. It’s about the need to predict and prevent.”
Quigley added that insurers are uniquely positioned to provide insights and modeling expertise to inform these efforts, including by incentivizing investments in risk prevention and mitigation. Kevelighan pointed to the Insurance Institute for Business & Home Safety as one example, whose roof standards for wind and hail resilience have demonstrated success.
“The insurance industry plays a critical role here,” Quigley explained. “Ultimately, we need to move away from viewing insurance solely as the financial safety net following an event, because it’s increasingly a strategic partner in helping businesses and communities understand risk and build resilience beforehand.”
RiskScan 2026 Reveals A More Interconnected Risk Landscape
Historic Wildfire Season Highlights Nationwide Vulnerability
Bridging the Cyber Risk Resilience Gap Among Insurance Carriers
Flash Floods Set Records in 2025, Inland Risk Surges
Storm-Resistant Roof Efforts Gain Ground
Can a Fire-Prevention Device Be a “Gateway Drug” to Home Resilience?
