HUB International Survey Finds Insurance Clarity Among Middle Market Firms Lags Behind Even as Risk Management Investment Grows

New research also finds no single risk has emerged as the clear top threat, as middle market leaders juggle cybersecurity, AI, macroeconomic and regulatory pressures all at once

• Even as risk management investment grows, 75% of middle market leaders still don't have a full understanding of what their insurance covers
• No single risk dominates 2027 planning: cybersecurity, operational costs and AI are nearly tied
• 75% now have a formal ERM program, up 14 percentage points, but only 37% describe it as truly mature and holistic

CHICAGO, Oct. 15, 2026 /PRNewswire/ -- Middle market organizations are investing more in risk management than ever, but that investment hasn't translated into coverage clarity, according to new research from Hub International Holdings, Inc. ("HUB"), a leading global insurance broker and financial services firm. The HUB 2026 Middle Market Profitability & Resiliency Report finds 75% of leaders don't fully understand what their insurance policies cover, even as more organizations adopt formal risk management programs, a gap that's especially notable as business leaders begin planning for 2027.

Drawing on proprietary research across North America, the new report defines this gap as risk fatigue characterized by repeated exposure to warnings and high-stress moments that leaves organizations less confident and responsive over time. The findings are based on a survey of senior business leaders at middle market organizations.

"Business leaders are doing more than ever to manage risk, but our research shows that those efforts haven't translated into clarity for which threat matters most or what their insurance coverage actually protects," said Marc Cohen, President and Chief Executive Officer of HUB. "Closing that gap is where HUB's deep middle market expertise comes in. These organizations face increasingly complex and new risks, and our HUB experts help them understand exactly what that means for their exposures."

That gap extends beyond coverage. It also stands between organizations and the kind of risk maturity that turns preparedness into stronger business performance and the confidence to pursue ambitions. Three dynamics are fueling it:

• Protection and understanding are not always aligned. 75% of leaders do not fully understand what their current policies cover. This is the single most striking finding in this year's survey. Understanding what is covered, limited or excluded can help leaders identify gaps and make more informed decisions about how protection and risk management supports the business.
• There is no longer a clear No. 1 risk. When asked about their top risks impacting profitability, leaders said cybersecurity (45%), operational costs (43%), artificial intelligence (AI) adoption (38%), macroeconomic pressures (37%), regulatory challenges (31%) and geopolitical challenges (31%).
• Risk fatigue is slowing action. Confidence in mitigating risks fell across nearly every category measured. Only 16% of organizations report being fully confident in their current insurance position, yet fewer organizations are exploring new ways to leverage insurance.

That same gap carries through in how organizations manage risk internally:

• 75% of organizations report having a formal enterprise risk management (ERM) program, rising 14 percentage points from last year. Even still, adoption of ERM has not translated into a truly organization-wide approach to risk for most organizations.
• While 72% of organizations align risk mitigation with compliance requirements, only 37% of leaders describe a mature, holistic approach supported by open information sharing and cross team collaboration. 
• Just 30% of leaders report that past, current and future risks influenced organizational decision making, and only 17% report that every employee shares accountability for managing risk.

As they head into 2027, the HUB 2026 Middle Market Profitability & Resiliency Report outlines concrete steps organizations can take to close this gap. Read the full HUB 2026 Middle Market Profitability & Resiliency Report here, which includes full survey methodology.

HUB 2026 Middle Market Profitability & Resiliency Executive Survey methodology
The HUB 2026 Middle Market Profitability & Resiliency Executive Survey captures the views of senior business leaders in North America across industries including Agribusiness, Construction, Education, Financial Institutions, Hospitality, Nonprofit and Real Estate. Conducted online, the survey included 18 questions about the risks organizations expect to face in the year ahead, how those risks may affect profitability and resilience and how leaders are using insurance and risk management strategies to respond. More than half of respondents represented organizations with 500 to fewer than 2,000 employees, and most represented organizations with annual revenue between $150 million and less than $1 billion.

About Hub International
Headquartered in Chicago, Illinois, Hub International Holdings, Inc. ("HUB") is a leading full-service global insurance broker and financial services firm providing risk, insurance, employee benefits, retirement and wealth products and services. With more than 21,000 employees in offices located throughout North America, HUB moves clients forward with clarity and confidence — for every ambition. For more information, visit Hub Media Center.

Media: Marni Gordon
Phone: 312-279-4601
Email: [email protected]

Media: Jessica Wiltse
Phone: 312-596-7573
Email: [email protected]

SOURCE Hub International Limited