risk management

Middle Market Indicator: Performance, Outlook and Dynamics

April 23, 2025
business woman leading meeting around conference table

Chubb partners with the National Center for the Middle Market (NCMM) to support the Middle Market Indicator (MMI), a semi-annual research survey launched in 2012.

The MMI polls 1,000 executives (CEOs, CFOs, and other financial decision-makers) from middle market companies with $10 million to $1 billion in annual revenue. The report presents results from the MMI survey fielded in December of 2024, which explored executives’ thoughts on business performance, growth drivers, economic outlook, business risks and managing risk.

Key findings from the Spring 2025 MMI Report can be found below:

Core Market Trends

As of December 2024, middle market companies grew revenues, expanded their businesses and workforce, and considered the future of the economy.

Total middle market growth was 12.1%. Companies anticipate continued revenue growth, albeit at a slower rate (8.9%) in 2025.

Companies across multiple sectors expanded into new international markets. As they prepare to lead their companies into new territories around the globe, executives are aware of the uncertainty created by geopolitical issues and fluctuating regulatory and economic environments.

Challenges in Focus

Top Risks

When executives considered more than a dozen risks, three emerged as most pressing:

  • Inflation/recession (41%)
  • Cybersecurity (34%)
  • Talent shortages/employee retention (33%)

Risks were also identified by sector (see the Industry Practices Spotlight)

Climate and Resilience
With climate change on the radar, some companies are tackling the risks, but more work remains to be done.  Nearly half (45%) of companies are extremely or very concerned about the impact of climate change. Another 36% report mild concern.

One in five firms were impacted by natural disasters in 2024, and these events continue to become more frequent and severe due to climate changes. More than half of companies impacted reported significant or moderate operational disruptions from these events.

Artificial Intelligence and Digitization
As executives strive to leverage the clear benefits of digitization and AI, many are uncertain about their future technology strategy. This could be partially due to the difficulty of recruiting the right talent. Over the past year, more firms have shifted from exploring AI to actively testing AI and integrating it into their operations. 

The State of Protection

While many of executives say they are adequately covered by their current insurance, notable numbers report a lack of sufficient protection. 56% of companies feel they are adequately covered. Nearly 44% report needing more coverage or are not covered, with casualty areas identified as especially urgent.

Companies are deploying multiple resources to manage risk. More than half of those surveyed are extremely or very reliant on their insurance agent or broker to support them in risk management efforts. Roughly 85% of companies hire a third-party provider for risk assessment services. These services could range from cyber, credit, compliance and regulatory risk assessments, to supply chain and business continuity evaluations.

Middle Market Indicator: Performance, Outlook and Dynamics

Discover emerging risks and evolving trends in the middle market by delving into our comprehensive reports—based on a survey of 1,000 middle market firms.

Insights and expertise

We keep you informed — and your business protected — with these helpful articles.
technician next to fans
Risk Management
Machinery and equipment breakdown
Boilers, HVAC systems, and pressure vessels contain inherent risks.
vacant commercial real estate building
Risk Management
Trends in commercial real estate
Identifying and mitigating risk in underperforming commercial real estate properties.
frozen red pole
Risk Management
Cold weather preparedness for your business
Follow these best practices to prepare for winter weather and help minimize its impact on your facilities.
factory owner talking with manager
Risk Management
Six questions to ask when evaluating claims services for your multinational business
Learn what to look for in an insurer when you do business across borders.
security camera
All business sizes
Tips for managing your business’s IoT risk
The expanding internet of things (IoT) means reliance on new technology for efficiencies and profits. But along with the technology comes new cyber security and other business risks. Here’s what you need to know about IoT and your business.
business woman
All business sizes
5 steps for creating a business continuity plan
Risk managers advise that one of the best ways to make sure your business can reopen quickly – and stay successful – after a disaster is to develop a business continuity plan.
colorful ship containers
All business sizes
How to protect your business from supply chain disruption
Managing supply chain risk from external vendors and suppliers.
school lockers
Risk Management
School’s in session: Understanding education related risks
Learn how to identify and mitigate the greatest risks facing educational institutions.

Seeking a business insurance quote?

We can help with that.