New Chubb and National Center of Middle Market Survey shows
inflation risk is top concern with impact on costs in the midst of
increased catastrophic weather events
WHITEHOUSE STATION, N.J., Sept. 12,
2023 /PRNewswire/ -- New data released in the
2023 Mid-Year Middle Market Indicator (MMI), from Chubb and the
National Center for the Middle Market (NCMM), reveals that against
the backdrop of a challenging economy, middle market companies are
thriving with nearly three fourths reporting an improvement in
overall performance compared to year prior, a record high for the
survey. Findings are supported by top line growth over the past 12
months, overall employment growth, and continued expansion into new
domestic markets with new products or services introduced.
"The mid-year survey showcases a number of positive economic
indicators that reinforces the optimism and positive direction for
the middle market segment," said Ben
Rockwell, Division President, Chubb
Middle Market. "The insights garnered from the MMI survey
help us understand the landscape middle market companies are
facing, which ultimately provides increased awareness of emerging
opportunity areas, risks and the proper guidance Chubb can provide
in these areas."
In the MMI, 60% of middle market firms found inflation risk as
extremely or very difficult to manage, a 3% point decrease over
2022 data. In addition, supply chain risk decreased 7% points to
43% and 49% of middle market firms indicated recession risk
remained extremely or very difficult to manage, an 11% point
decrease from the prior study.
As companies continue to grapple with inflationary concerns,
their costs rise and ultimately affect all facets of their
business. "Even still with inflation risk declining, it is still
having far reaching effects with 40% reporting a negative impact in
the last 6 months according to the MMI. This includes an impact on
business costs, including increasing commercial construction
material costs; an important factor for companies rebuilding
following a natural catastrophic event," said Michelle McLaughlin, Executive Vice President
and Chief Underwriting Officer, Chubb
Middle Market.
McLaughlin added, "In fact, we are seeing more severe and
frequent weather events that are impacting our clients. We work
with them to ensure they have adequate coverage, as well as solid
risk mitigation strategies in place to help them stay ahead of
these types of economic impacts."
Chubb's Executive Summary with detailed findings are available
here. Additional industry insights will be forthcoming
across manufacturing, technology, financial services, and life
sciences.
Upcoming 2023 Middle Market Agent/Broker Event
Join the National Center of Middle Markets' Doug Farren and Chubb executives on Wednesday, October 4, 2023 from 1:30-2:30 pm ET for a dynamic webcast panel
discussion around the Mid-Year Middle Market Indicator findings
with a special Chubb Climate+ feature, along with our perspective
on the trending topics. Check out the NCMM/Chubb Insights page for
webcast registration here.
About the Middle Market Indicator (MMI)
The MMI, which was created in 2012, surveys 1,000 executives
(CEOs, CFOs and other financial decision makers) from the middle
market to examine topics related to business capabilities,
performance, growth drivers and economic outlook among others. The
2023 Mid-Year MMI was fielded in June
2023. It is weighted to accurately reflect the size,
industry-wide and geographic distribution of this sector, which
includes companies ranging from $10
million to $1 billion in
annual revenue. The middle market represents one-third of private
sector GDP, employing approximately 48 million people. The survey
was conducted by RTi Research on behalf of the National Center for
the Middle Market.
About the National Center for the Middle Market
(NCMM)
The National Center for the Middle Market is a collaboration
between The Ohio State University
Fisher College of Business, Chubb and
Visa. It exists for a single purpose: to ensure that the vitality
and robustness of middle market companies are fully realized as
fundamental to our nation's economic outlook and prosperity. The
center is the leading source of knowledge, leadership and
innovative research on the middle market economy, providing
critical data analysis and insights for companies, policymakers and
other key stakeholders. NCMM is fully committed to funding and
distributing the most credible open-sourced research, dynamically
creating new knowledge, providing programs that drive value for
middle market companies and offering a well-informed outlook on the
health and future of the middle market via the Middle Market
Indicator.
About Chubb
Chubb is the world's largest publicly traded property and
casualty insurance company. With operations in 54 countries and
territories, Chubb provides commercial and personal property and
casualty insurance, personal accident and supplemental health
insurance, reinsurance and life insurance to a diverse group of
clients. As an underwriting company, we assess, assume and manage
risk with insight and discipline. We service and pay our claims
fairly and promptly. The company is also defined by its extensive
product and service offerings, broad distribution capabilities,
exceptional financial strength and local operations globally.
Parent company Chubb Limited is listed on the New York Stock
Exchange (NYSE: CB) and is a component of the S&P 500 index.
Chubb maintains executive offices in Zurich, New
York, London, Paris and other locations, and employs
approximately 40,000 people worldwide. Additional information can
be found at: www.chubb.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/middle-market-company-outlook-in-the-economy-rebounds-with-double-digit-revenue-growth-revealed-in-mid-year-survey-301924942.html
SOURCE Chubb INA Holdings