Highlights • On average, concerns over Innovation was ranked highest, followed by Implications of Covid-19 • Respondents indicated innovation is important, but are mostly in process • Respondents were mostly confident in implementing their innovation plans. • Nearly half of respondents indicated their focus was on the customer experience • Most respondents expect some negative impact from Covid-19, with decreased profit indicated most, followed by decreased sales effectiveness, which are likely related • The most common change in response to the Covid-19 impact were workplace and staffing changes, followed by technology investments • Of the respondents, 92% indicated cyber security was important or very important. • Continuous effort was ranked highest, and Mitigating internal threats, Identifying external threats, and Prioritizing identifying cyber risks were ranked next. • While 95% of respondents indicated emerging threats were important or very important, 28% Indicated they were very good at responding to them • For resiliency and sustainability, corporate ESG and R&S for internal operations were ranked as the highest priorities iis the institutes innovation covid-19

1. 2020 Global Concerns Survey
February 2021
The Institutes Enterprise Research
ITL .com
An affiliate of The Institutes | Risk and Insurance Knowledge Group

2. An affiliate of The Institutes | Risk and Insurance Knowledge Group
2
Overview
Objective
Identify which issues are most
important to executives and why
Results
• Respondents were asked
follow up question on their top
four issues
• Margin of error is +/- 7%
Methodology
Online survey to 10,002
executives associated with:
• IIS
• PIC
• TI
• ITL
Outcome
Responses on
• Innovation
• Implications of Covid-19
• Emerging threats
• Resiliency & Sustainability
• Cyber security
• Regulation
• Closing the protection gap
Respondent Profiles
What Region of the world are you located in?
% of Total
North America (NA) 57%
Asia Pacific (APAC) 25%
Europe, Middle East, and Africa (EMEA) 15%
South America (SA) 3%
What is the scope of your organization’s business
% of Total
Single Country 44%
Global 38%
Regional 19%
What is your current title or role
% of Total
Senior Executive 33%
C-Suite 32%
Board of Directors 9%
Other 26%
What is your functional
% of Total
Executive Management 33%
Risk Management 16%
Operations 13%
Marketing/Sales 12%
Strategy 10%
Claims 7%
Actuarial 4%
Finance 3%
General Counsel 2%

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Key Findings
Insights and Recommendations
3
Key Findings, Insights, and Recommendations
• On average, concerns over Innovation was ranked highest, followed by Implications of Covid-19
• Respondents indicated innovation is important, but are mostly in process
• Respondents were mostly confident in implementing their innovation plans.
• Nearly half of respondents indicated their focus was on the customer experience
• Most respondents expect some negative impact from Covid-19, with decreased profit indicated
most, followed by decreased sales effectiveness, which are likely related
• The most common change in response to the Covid-19 impact were workplace and staffing
changes, followed by technology investments
• Of the respondents, 92% indicated cyber security was important or very important.
• Continuous effort was ranked highest, and Mitigating internal threats, Identifying
external threats, and Prioritizing identifying cyber risks were ranked next.
• While 95% of respondents indicated emerging threats were important or very important, 28%
Indicated they were very good at responding to them
• For resiliency and sustainability, corporate ESG and R&S for internal operations were ranked as
the highest priorities
Innovation was a very high priority in 2019 and continues to be a high priority this year, but
less than half of respondents have a plan in place
• While firms are dealing with the immediacy of Covid-19, there is demand for innovation topics
and help with innovation planning
• Predictably, Covid-19 has taken priority over other issues
• While Innovation remains a high priority, Cyber security issues are a lower priority
• At the same time, firms are predicting lower revenue and sales difficulties
• It appears Innovation and Cyber security may not have the resources they need due to
the current urgency and impacts of Covid-19 response
Cyber security was the greatest concern in 2019 and remains very important in 2020
• However firms are emphasizing proactive security measures:
• Continuous effort was ranked highest, particularly in North America
• Mitigating internal threats, Identifying external threats, and Prioritizing identifying
cyber risks were ranked next highest
• There is a need to help firms prioritize cyber security and continue proactive efforts
• Firms’ emphasis is on the customer experience, which requires securing customer

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Respondents were asked to rank these 7 topics, each receiving a rank of 1 through 7, with 1
being the highest priority
• The average ranks ranged from 3.2 out of 7 for Innovation, to 4.8 out of 7 for
Closing the Protection Gap
Innovation
Average
Rank
For the following issues, please rank them from highest priority to lowest, where
1 is the highest and 7 is the lowest
Implications of
COVID-19
Emerging
Threats
Cyber
Security
Regulation
Resiliency and
Sustainability
Closing the
Protection Gap
3.2
3.5
3.9 3.9 3.9
4.8 4.8
4
On average, Innovation was ranked highest,
followed by Implications of Covid-19

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5
Innovation
For the following issues, please rank them from highest priority to lowest, where
1 is the highest and 7 is the lowest
Implications of
COVID-19
Emerging
Threats
Cyber
Security
Regulation
Resiliency and
Sustainability
Closing the
Protection Gap
Asia Pacific (APAC)
Europe, Middle East, and Africa (EMEA)
North America (NA)
2.9
2.6
4.3
4.6
4.2
4.6
4.8
3.6 3.6
4.1 4.1
3.7
4.2
4.6
3.4
3.7
3.6 3.6
4.1
4.8
4.9
• Innovation and Implications of Covid-19 were ranked significantly higher for APAC than
for other regions.
• For NA, Emerging Threats and Cyber Security were ranked significantly higher than other
regions.
Issues by Region

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Innovation
Implications of
COVID-19
Emerging Threats
Cyber Security
Resiliency and
Sustainability
Higher Priority
More Important
• Comparing priority and importance, Innovation is both more important and a higher
priority than other topics
• Implications of Covid-19 is of higher priority, but not necessarily of higher importance
• Cyber Security is the second most important, but a low priority
• This suggests that Covid-19 has taken resources from other important initiatives due to
its urgency
6
Of the top five issues, Innovation is the highest
priority and most important. Covid-19 is also
a higher priority and Cyber security is
also important

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• In the 2019 survey, Cyber Security was the greatest concern, followed by Health care
and Innovation
• In 2020, Covid-19 was ranked second after Innovation, with Cyber Security tied for
third rank
• Health care was selected most frequently as an emphasis relative to the protection gap
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Comparison to 2019 Results
Percentage of respondents indicating that the issue is of “greatest concern”
Cyber security 72%
Health care 65%
Innovation 65%
Low investment yields 41%
Political instability 45%
Updating legacy systems 52%
Economic development 52%
Aging / changing demographics 52%
Regulation 53%
Digitalization of the customer relationship 57%

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Innovation is important, but respondents are mostly in process:
• Of the respondents, 95% indicated innovation was important or very important to success
• However, 35% indicated they had an active, comprehensive plan
• Another 12% had a plan, leaving nearly 2/3 at a competitive disadvantage, without an
Innovation plan, and more than half with little activity on innovating.
We are innovating as we can,
depending on resources and
circumstances
How important do you think innovation is to the success of your business?
Please note: Response options include: Very important, Important, Somewhat important, Not important at all. No
respondents indicated not important options.
We are not focused on
innovation at this time
We are trying to
innovate but aren’t
actively planning for it
We have a comprehensive
plan in place and are actively
implementing it
We are developing an
innovative plan
We have a comprehensive
plan in place and are
preparing to implement it
35%
33%
3%
1%
16%
12%
Innovation
Very important 79%
Important 16%
Somewhat important 4%
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Which statement best describes your company’s plan for innovation?

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• Respondents with plans were confident in their success in implementing their
innovation plans.
• Nearly half of respondents with plans indicated their focus was on the customer experience
Improving operational
efficiency
Improve customer experience
Other- Please describe
Keeping pace with
competitors
49%
33%
8%
10%
Innovation
9
How confident do you feel that your company will successfully
implement your innovation plan?
Please note: Response options include: Very important, Important,
Somewhat important, Not important at all. No respondents indicated
not important options.
Very Confident 30%
Confident 52%
Somewhat Confident 18%
Other
All of the above
Be relevant to customers needs
Changing our culture
Creating competitive advantage
Creating new technology
Generating more income
Innovation leader
Innovation through collaboration
New products to answer gaps
None that i am aware of
What is the primary objective of your firm’s innovation strategy?

10. • Most respondents expect some negative impact, with decreased profit indicated most,
followed by decreased sales effectiveness, which are likely related
• About a quarter of respondents anticipated positive workplace impacts or increased sales
opportunities
Covid-19 Impact
10
How do you think the current Covid-19 situation will impact your business?
Very much decreased
Sales effectiveness
Very much decreased
sales opportunities
Very much negative
regulatory impact
Very much Negative
workplace impacts
Very much decreased
profit
Some decreased
sales effectiveness
Some decreased
sales opportunities
Some negative
regulatory impact
Some Negative
workplace impacts
Some decreased
profit
Little change
Little change
Little change
Little change
Little change
Sales effectiveness
Some increased sales
effectiveness
Some increased sales
opportunities
Some positive
regulatory impact
Some positive
workplace impacts
Some increased profit
Very much increased
sales effectiveness
Some increased sales
opportunities
Very much positive
regulatory impact
Very much positive
workplace impacts
19%
19%
13%
7%
21%
43%
38%
42%
41%
50%
25%
16%
25%
23%
20%
11%
24%
19%
27%
9%
2%
3%
1%
2%
Sales effectiveness
Sales opportunities
Regulatory impact
Workplace impacts
Profit

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• The most common change in response to the Covid-19 impact were workplace and staffing
changes, followed by technology investments
• The most common change in response to the Covid-19 impact were workplace and staffing
changes, followed by technology investments
Covid-19 Impact
83%
65%
28%
6% 7%
35%
57% 56%
39%
6%
44%
38%
18%
39%
48%
14%
15%
2%
Definitely Definitely not
Maybe
Changes to office
space/ work from
home/ staffing
options
Technology
investments
Changes to
marketing
strategies
Changes in policy
design to account
for pandemic type
risks
Changes to hiring
and staffing levels
Changes to
investment
strategies
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Unpredictable
economy
Health and
Safety of
our employees
Future Sales
Changing work
space and work
force
Volatile
investment
environment
45%
45%
55%
78%
82%
Same Productivity
Lower Productivity
Higher Productivity
In your opinion how has staff productivity been
impacted by employees working from home?
What are some of your biggest concerns as countries
start emerging from the shutdown and quarantine?
What types of actions do you plan in response to impacts of the COVID-19 situation?

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In your opinion, how has staff productivity been impacted by employees working from home?
What type of company do you work in?
• There was some variation by the type of firm.
• Those in both Property & Casualty and Life & Health were more likely to see higher productivity
• Reinsurers were more likely to see low productivity
Covid-19 Impact
42% 42%
17%
28%
39%
33%
23% 23%
21%
24%
54%
55%
56%
44%
Both Property and
Casualty and Life
Health Insurance
Insurance Broker Primarily Life and
Health Insurance
Primarily Property
and Casualty
Insurance
Reinsurer
Higher Productivity
Same Productivity
Lower Productivity
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• Unpredictable economy was selected most by EMEA respondents.
• For APAC and NA, Health and safety of employees was also selected most
Covid-19 Concerns by Region
26%
25%
21%
16%
13%
20%
29%
20%
16%
14%
26%
27%
17%
13%
18%
Asia Pacific (APAC)
Europe, Middle East, and Africa (EMEA)
North America (NA)
Health and safety of our employees
Health and safety of our employees
Health and safety of our employees
Unpredictable economy
Unpredictable economy
Unpredictable economy
Future sales
Future sales
Future sales
Volatile investment environment
Volatile investment environment
Volatile investment environment
Changing workspace at work force
Changing workspace at work force
Changing workspace at work force
What are some of your biggest concerns as countries start emerging from the shutdown and
quarantine? Please select all that apply
13

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Cyber Security
• Of the respondents, 92% indicated cyber security was important or very important.
• In ranking the importance of components, continuous effort was ranked highest, and Mitigating
internal threats, Identifying external threats, and Prioritizing identifying cyber risks were ranked
next highest.
Continuous
effort, not
one-time
activity
Average
Rank
For the following issues, please rank them from highest priority to lowest, where
1 is the highest and 7 is the lowest
Mitigating internal
Threats (phishing,data
protection etc)
Identifying
external threats
Creating
effective
responses
to external
threats
Adaptability
and agility
Prioritizing identifying
cyber risks
3.0
3.2 3.2 3.2
4.0
4.2
How important is cyber security to the success of your business?
Very important 75%
Important 17%
Somewhat important 7%
Not very important 2%
14

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Cyber Security
• Of the respondents, 16% indicated they were very prepared to respond to cyber security threats
• The biggest impacts were in
• Increased employee awareness
• Increased IT awareness
How prepared do you think your firm is to deal with cyber security threats
For your firm, how much has the COVID-19 situation impacted your cyber security efforts?
please select all that apply
Very prepared 16%
Prepared 53%
Somewhat prepared 28%
Not prepared 2%
Not prepared at all 1%
Increased awareness
for employees
Increased focus for IT
and data security
Much more focus
throughout the firm
More of a concern
for communication
systems
No real impact
29%
29%
30%
39%
40%
15

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Continuous
effort, not
one-time
activity
What do you think are the most important components of success in maintaining cyber security?
Please rank the items below by dragging them to the right in order.
Mitigating internal
threats (phishing,
data protection etc)
Prioritizing
identifying cyber
risks
Identifying
external
threats
Creating effective
responses to external
threats
Adaptability
and agility
Asia Pacific (APAC)
Europe, Middle East, and Africa (EMEA)
North America (NA)
3.4
3.4
4.0
2.6
3.0
3.4
3.7
2.9
3.0
3.2
3.2
3.4
2.9
3.8
3.8
4.1 4.1
4.3
• By region, NA ranked Continuous effort significantly higher than other regions.
• EMEA ranked prioritizing identifying cyber risks significantly lower than other regions.
• Other rankings were similar by region
Cyber security by Region
16

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Emerging Threats
• While 95% of respondents indicated emerging threats were important or very important, 28%
indicated they were very good at responding to them
Very good Good Fair Poor Very poor
1%
3%
25%
43%
28%
How important is cyber security to the success of your business?
How would you rate your firm on being able to adapt to emerging threats?
Very important 66%
Important 29%
Somewhat important 3%
Not very important 2%
17

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How prepared do you think your firm is to deal with cyber security threats
Very prepared 16%
Prepared 53%
Somewhat prepared 28%
Not prepared 2%
Not prepared at all 1%
Corporate ESG
(environmental,
Social, Gover-
nance) policy
Average
Rank
What are your organizations priorities relative to resilience & sustainability (R&S)?
Please prioritize each of these on a scale of 1-5, with 1 being the highest and 5 being the lowest priority
R&S framework for
internal operations
R&S Criteria in
your investment
policy guidelines
R&S criteria in
your underwriting
guidelines
Promoting R&S issues
2.7 2.7
3.0
3.2 3.2
Emerging Threats
• Of the respondents, 52% indicated R&S was very important
• Corporate ESG and R&S for internal operations were ranked as the highest priorities
• R&S criteria for underwriting guidelines was ranked the lowest priority
18

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Resiliency and Sustainability
• While Corporate ESG and R&S for internal operations were ranked as the highest priorities
• 62% indicated they had a plan for Corporate ESG
• 69% indicated they had a plan for R&S for internal operations
Do you have R&S criteria in your investment policy guidelines? 69%
Does your firm have an R&S framework for its own operations? 69%
Do you have corporate ESG (Environmental, Social & Governance) Policy? 62%
Do you have R&S criteria in your underwriting guidelines? 50%
19

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Uncertainty
of future
regulations
Clarity of regulation Increased cost
Time to
market
Regional
Differences
Effect on
competitiveness
1.9
2.0
2.1
2.4
2.8
3.1
Regulation
• Respondents ranked the uncertainty of future regulation and the clarity of regulations highest
• In the trade-off between decreased cost or increased innovation from reduced regulation, 62%
indicated they would do some of both
What are your main concerns about dealing with regulations? Please indicate the priority of these
issues, with 1 being the highest and 7 being the lowest
If regulations you are most concerned about were eliminated, how would that impact your ability to reduce
cost and increase innovation? Would you only reduce cost or would you only increase innovation, or
some of both?
65%
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Decrease cost more
16%
Increase innovation more
23%
Both equally
60%
20

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Developed market issues
i.e. healthcare, retirement
savings
Both
Other- Please de-
scribe
Developing marketing issues,
i.e. microinsurance
44%
26%
12%
22%
Protection Gap
Other
Coverage consulting
Emerging employer liability risks
Emerging risks (Pandemics/Cyber)
Health, Motor, & Property insurances
More protection less exclusions
P&C Insurance
Risk, Retirement, Health, Talent, Data and Analytics
Underserved communities
We are helping brokers become more efficient
Workers Comp
Relative to the protection gap, which areas does your firm operate?
Where is your firm’s emphasis relative to the protection gap?
Please select all that apply
Access to healthcare 40%
Morality protection 37%
Retirement savings protection gap 37%
Retirement 27%
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• Access to healthcare was selected most in APAC and EMEA
• Retirement savings protection was also selected most in EMEA
• For NA, Retirement savings protection was selected most
Protection Gap by Region
32%
32%
32%
30%
23%
14%
24%
26%
20%
27%
22%
19%
Asia Pacific (APAC)
Europe, Middle East, and Africa (EMEA)
North America (NA)
Access to healthcare
Access to healthcare
Access to healthcare
Morality protection
Morality protection
Morality protection
Retirement
Retirement
Retirement
Retirement savings protection gap
Retirement savings protection gap
Retirement savings protection gap
Where is your firm’s emphasis relative to the protection gap? Please select all that apply
22