Middle Market Indicator Fall Update: Middle Market Leaders Navigate an Evolving Risk Landscape

Chubb partners with the National Center for the Middle Market (NCMM) to support the Middle Market Indicator (MMI), a semiannual research survey launched in 2012. The insights gained through this partnership plant the seeds of new ways Chubb can support and protect middle market businesses in a rapidly changing world.

The MMI polls 1000 executives (CEOs, CFOs and other financial decision makers) from middle market companies with $10 million to $1 billion in annual revenue.

This mid-year update, fielded in June 2025, explores leaders’ views on risk exposures and readiness.

Midway through 2025, supply chain disruptions and other emerging risks are foremost on the minds of Middle Market leaders – and there is more to be done to prepare. The top risks surveyed reflect the uncertainty shaping leaders' near-term outlook and the ongoing digitization of business:

1. Supply Chain Risk
2. Cybersecurity
3. Digitization and Technology Advancement

Leaders of Lower Middle Market companies shared similar concerns, along with worries about geopolitical issues and access to capital.

Middle Market companies have more resources than ever to navigate major business disruptions. There remains ample room to improve preparedness as only 28% are working with a third party on business continuity planning and 8% are engaging with resilience-building services.

The first half of 2025 saw numerous natural disaster losses, including wildfires and severe convective storms. One quarter of companies reported climate risks affect where they manufacture, distribute and/or market products in North America. Those that experienced a natural disaster reported moderate or significant impacts across the business, underscoring the need to combine prevention and financial protection for these events.

Sixty-one percent of survey respondents indicated very high or high focus or investments into cybersecurity as they chase the benefits of technology and Artificial Intelligence (AI), including improved operational efficiency, reduced operational costs, and improved customer experience. With increased reliance on technology and AI comes heightened exposures – from the threat of data breaches to potential errors and omissions claims.

At mid-year 2025, Middle Market companies face a complex risk landscape and a need to level up gaps in readiness. Chubb continues to track these developments.