Acceleration in coronavirus numbers hammers Asia-Pacific manufacturing figures

Acceleration in coronavirus numbers hammers Asia-Pacific manufacturing figures

Acceleration in coronavirus numbers hammers Asia-Pacific manufacturing figures

Leading economies in the Asia-Pacific region are feeling the impact of the coronavirus outbreak, as manufacturing figures in Japan and Australia slumped and South Korea’s exports to China fell – a key bellwether of the health of the regional economy. The gloomy manufacturing and export figures came as the World Health Organization reported on Sunday morning (23 Feb) central European…

Coronavirus impacts top brands’ sales and supply chains

Coronavirus impacts top brands’ sales and supply chains

Coronavirus impacts top brands’ sales and supply chains

Major global corporates are starting to feel the impact of the coronavirus outbreak in China as supplies and components exported from the country dry up, global brand retail stores in China remain closed and tourism in the region is rocked. Supply chain issues and business disruption are the pressing risks from the outbreak. This week, European and US companies with…

China province launches coronavirus cover

China province launches coronavirus cover

China province launches coronavirus cover

The Chinese province of Hainan has launched an insurance product specifically designed to cover losses incurred by businesses as a result of the coronavirus outbreak in the country. According to reports citing a notice released by the China Banking and Insurance Regulatory Commission (CBIRC), the scheme has set aside CNY200m ($28.7m) to cover payouts. The Hainan government will subsidise 70%…

French firms face dwindling supply chain insurance options as problems with NDBI spread to CBI

French firms face dwindling supply chain insurance options as problems with NDBI spread to CBI

French firms face dwindling supply chain insurance options as problems with NDBI spread to CBI

Transferring supply chain risks has become a much harder task for French firms as the insurance market hardening pushes underwriters to restrict coverages and increase prices. According to France’s risk management association AMRAE, contingent business interruption (CBI) coverages are now only available for better-managed risks linked to direct suppliers, while brokers say that non-physical damage business interruption (NDBI) extensions have…

Coronavirus impact on supply chains felt by JCB and Alibaba

Coronavirus impact on supply chains felt by JCB and Alibaba

Coronavirus impact on supply chains felt by JCB and Alibaba

The regional and global supply chain impact from the coronavirus has rapidly shifted from potential to real, as leading Chinese conglomerate Alibaba and UK multinational JCB both issued statements this week detailing the already big impact that the rapidly spreading virus is having on production and distribution. JCB, a UK firm that manufactures equipment for construction, agriculture, waste handling and…

Business continuity plans to the fore as coronavirus supply chain disruption predicted to last till Q3

Business continuity plans to the fore as coronavirus supply chain disruption predicted to last till Q3

Business continuity plans to the fore as coronavirus supply chain disruption predicted to last till Q3

As Verisk Maplecroft warns that coronavirus has “seriously interrupted” global supply chains and expects disruption to last until Q3, risk managers are being advised to activate business continuity plans sooner rather than later, with fears of a pandemic on the rise. The outbreak of coronavirus, named COVID-19 by the World Health Organization (WHO) this week, is escalating with almost 60,000…

Coronavirus provides ‘critical test’ of southeast Asia’s ability to reduce dependency on China

Coronavirus provides ‘critical test’ of southeast Asia’s ability to reduce dependency on China

Coronavirus provides ‘critical test’ of southeast Asia’s ability to reduce dependency on China

The coronavirus outbreak provides a critical test of the southeast Asia region’s ability to diversify global supply chains and reduce its dependency on China, according to Sofia Nazayla, analyst at Maplecroft, a UK-based global risk and strategic consulting firm. This ‘black swan’ event has already had a global economic impact that will inevitably intensify. But leading southeast Asian economies such…

Coronavirus to cost global economy more than $280bn in Q1 but supply chain risk uncertain

Coronavirus to cost global economy more than $280bn in Q1 but supply chain risk uncertain

Coronavirus to cost global economy more than $280bn in Q1 but supply chain risk uncertain

Economic disruption caused by the coronavirus will cost the world economy more than $280bn in the first quarter of this year and means global GDP will not grow on a quarter-by-quarter basis for the first time since 2009, according to leading independent economic research company Capital Economics. The research firm produced this worrying estimate on the basis that the virus…

Coronavirus: Companies need to activate business continuity plans sooner rather than later, says Parima

Coronavirus: Companies need to activate business continuity plans sooner rather than later, says Parima

Coronavirus: Companies need to activate business continuity plans sooner rather than later, says Parima

The Pan-Asia Risk & Insurance Management Association (Parima) has created a webpage for its members to keep them abreast of the latest developments with the novel coronavirus and provide support and advice at this difficult time for all companies in the region. Parima chairman Franck Baron is also Singapore-based group deputy director, risk management and insurance at International SOS, the…

Risk managers on alert as coronavirus pandemic fears grow

Risk managers on alert as coronavirus pandemic fears grow

Risk managers on alert as coronavirus pandemic fears grow

Amid speculation that coronavirus may soon be declared a pandemic, the outbreak’s economic impact is beginning to be felt with disruption to supply chains and falling consumer demand in China. Risk managers are advised to pay very close attention. As the total number of confirmed coronavirus cases in China passes 30,000, questions are being raised about the country’s ability to…

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