Triple-I and Munich Re RiskScan 2026 Flags $424 Billion Global Protection Gap and Interconnected Risks

The Insurance Information Institute (Triple-I) and Munich Re US have published RiskScan 2026, a comprehensive cross-market research study examining how risk perceptions are evolving across the insurance industry. Released in early June 2026, the study surveyed more than 1,700 respondents across five market segments in the United States and United Kingdom: consumers, small business owners, middle-market decision-makers, property/casualty agents and brokers, and P/C carriers.

A defining finding is the persistence of a massive insurance protection gap. Swiss Re's latest sigma report places the global natural catastrophe protection gap at $424 billion, and RiskScan 2026 highlights that North America's insurance coverage ratio has remained stuck between 40% and 42% since 2015 — meaning the majority of catastrophe losses continue to fall on uninsured individuals and businesses. Uninsured losses keep growing as populations concentrate in catastrophe-exposed areas and reconstruction costs rise.

The study's central insight is a shift in how risk is perceived. Rather than viewing threats as isolated events, respondents across all five market segments now increasingly recognize risks as overlapping and interconnected. Cyber incidents, economic volatility, natural catastrophes, artificial intelligence-related risks, and business interruption all ranked as top concerns — and were flagged together rather than separately. The research notes that inconsistent cyber policy language across insurers is complicating coverage decisions, while AI is simultaneously accelerating the sophistication of cyberattacks and increasing underwriting uncertainty.

Persistent flood and cyber protection gaps were flagged despite heightened awareness among businesses and insurance professionals. The study also found growing recognition of legal system abuse — including the role of third-party litigation funding — as a key driver of rising P/C insurance costs. Triple-I CEO Sean Kevelighan emphasized that recognizing risk is only the first step, calling on the industry to strengthen public understanding, close protection gaps, and collaborate with consumers, policymakers, businesses, and communities. The findings build on the inaugural RiskScan 2024 study and were conducted by independent research firm RTi Research.