European risk professionals agree that cyber and digital risk, artificial intelligence and economic volatility are among their biggest pressures but remain divided over the strategic role of insurance, according to WBN’s New Risk Reality Report.

The survey of 1,000 risk professionals in the UK, France, Germany and Spain, commissioned by WBN in partnership with MarshBerry, found almost one in two rank proactive risk management as their second most important resilience factor, behind innovation and digital transformation.

In the UK, 51% see commercial insurance as an investment supporting resilience and business performance. It also places the greatest emphasis on broker service, with 55% ranking quality of service as the leading consideration.

In France and Spain, just 35% viewed insurance as a strategic investment. French professionals were more likely to view insurance as an unavoidable expense, while 45% prioritised price and total cost of risk when choosing a broker. In Spain, innovation was the leading resilience lever, while price, industry specialisation and global network reach were key broker selection factors.

Germany recorded the lowest strategic perception at 29%, with 45% viewing insurance primarily as a critical operational safeguard. German risk professionals also placed particular emphasis on governance and decision-making frameworks.

Rising premiums were the leading insurance concern in France at 48%, Germany at 43%, the UK at 41% and Spain at 37%. Spanish risk professionals were more concerned about natural catastrophe capacity at 40% and coverage adequacy at 36%.

Nine in 10 respondents felt their risk management function had a good reputation, while stronger relationships that feel consultative, not transactional were identified as the biggest opportunity for improvement.

“What resonates most strongly from this research is how rapidly insurance is evolving into a strategic tool for risk, resilience and workforce stability across every market we operate in, even where that evolution is happening at different speeds. It's becoming integral to business planning on a board level, rather than an afterthought or cost centre,” said Olga Collins, CEO of WBN.

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