As french workers strike over labour laws, we consider the risk management and insurance solutions options open to businesses suffering the effects of industrial action.
Car manufacturer Volkswagen (VW) narrowly avoided a potentially disastrous business interruption (BI) event this week after a contractual dispute led to two of its key suppliers halting deliveries to its production facilities.
Companies are failing to adequately prepare for port closures caused by “black swan” risks like terrorism and cyber that can cause severe business interruption, according to Marsh.
The increased threat from Islamic State (IS) and an influx of migrants caused serious supply chain issues in Europe and beyond last year, while there were $22.6bn of supply chain losses worldwide due to cargo theft, according to the British Standards Institution (BSI).
The shift in focus from tangible to non-tangible threats among risk managers that was clearly identified in Commercial Risk Europe’s annual Risk Frontiers survey was confirmed this week as Allianz Global Corporate & Specialty (AGCS) published its Allianz Risk Barometer 2016.
A string of terror attacks, including those in Paris in November, are prompting companies to review their terrorism exposures and insurance, driving demand for non-damage business interruption cover.
Business interruption (BI) losses are increasing, and often outstrip property damage, according to Allianz Global Corporate & Specialty (AGCS).
The European and international insurance market has made progress on business interruption covers following the crisis brought about by the Japanese tsunami and Thai floods in 2011. But, based on comments made during CRE’s annual European Risk Frontiers survey, risk managers in France are clearly still not happy with what the market has to offer and want to see broader cover and a more sophisticated approach to this critical line of business.
Specialist property insurer FM Global has seen an increase in cyber claims. The firm is working with risk managers to raise awareness of cyber cover under its property damage and business interruption policies.
Marsh has called for the ‘golden triangle’ of buyers, insurers and brokers to work together to finally solve problems with business interruption (BI) cover. To kick off this campaign it has published new research suggesting ways to improve existing solutions and reshape buyers’ options.