Triple-I and Munich Re RiskScan 2026: $424 Billion Global Insurance Protection Gap, Cyber and AI Top Concerns

The Insurance Information Institute (Triple-I) and Munich Re US have released RiskScan 2026, a major cross-market research study examining how risk perceptions are evolving across the insurance industry. Published on June 8, 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 insurance carriers.

The headline finding is both stark and consequential: Swiss Re's latest sigma report, published in the days immediately preceding RiskScan 2026, puts the global natural catastrophe protection gap at $424 billion. North America's insurance coverage ratio has remained stagnant between 40% and 42% since 2015, meaning that a majority of catastrophe losses continue to fall on uninsured individuals and businesses. Uninsured losses are growing as populations concentrate in catastrophe-exposed areas and reconstruction costs rise faster than income growth.

Beyond natural catastrophes, RiskScan 2026 identifies a new pattern in risk perception: rather than viewing threats as isolated events, respondents across all five market segments now increasingly recognize risks as overlapping and interconnected. Cyber incidents topped the list of concerns, followed by economic volatility, natural catastrophes, artificial intelligence-related risks, and business interruption. The RiskScan 2026 (Re)insurance report and the RiskScan 2026 Specialty Insurance report together highlight a market where inconsistent cyber policy language across insurers is complicating coverage decisions, and where AI is accelerating both the sophistication of cyberattacks and the uncertainty in underwriting models simultaneously.

Persistent flood and cyber protection gaps were flagged despite heightened awareness among businesses and insurance professionals. Legal system abuse was also identified as a growing driver of rising P/C insurance costs — a trend particularly visible in states like Florida and Louisiana. Triple-I CEO Sean Kevelighan emphasized that recognizing risk is only the first step, calling on the industry to deepen public understanding and close protection gaps through collaboration among insurers, reinsurers, policymakers, and communities.